$BTC Weekly closing hits a new historical high, market trend analysis
With the market steadily rising slightly over the weekend, and the liquidation of a large number of short positions near previous highs, the market welcomed a new milestone over the weekend. Particularly at 8:00, as the closing price triggered numerous buy signals for trend-following strategies across different timeframes, there was a significant amount of buying activity in both futures and spot markets.
Currently, the market's focus has shifted to the 'sustainability of demand after hitting a new high.' Before the opening of the US stock market tonight, if the price fails to maintain above 103,000, it could indicate that demand is not sustainable, and the market may experience a fake breakout pullback again after the new high.
However, if the price can continue to oscillate upwards and successfully stabilize above 104,000, then I predict that the oscillating upward trend may accelerate, leading to a small-scale rally, with the target price on Friday potentially stabilizing around 108,000.
In short, before the opening of the US stock market, investors need to closely monitor whether a false breakout occurs. If a false breakout happens (price falls below 103,000), it may provide a short-term shorting opportunity.
From a long-term perspective, the market remains in a bullish trend of oscillating upwards, with a solid structure, and investors need not worry excessively.
