Bitcoin market analysis:
The current key resistance level is around 72,100. Recently, many people are discussing whether the current trend of Bitcoin is converging and oscillating upward, or converging and oscillating downward.
If you look at the bulls, this position is the key point. Once it breaks through and stabilizes at this position, it is basically a signal of an upward breakthrough. Otherwise, it will still fluctuate in the range or even fall.
The current support position has changed significantly.
The first support is 68,000, and the second support is around 65,500. Especially the second support, the support of the upper line of the monthly Bollinger band has moved down, which is also the disadvantage of the recent market that has not been able to effectively break through.
In the short term, pay attention to the break of the first support, and the focus is on the second support. Once the second support falls, the space below will be around 60,000. Because the only effective support below is around 61,000. The situation at this position will be discussed later.
Bitcoin is currently stable near the first support, but the premise is low trading volume and poor liquidity. The actual situation still depends on the support after the increase.
It should be noted that the daily Bollinger Bands have shrunk to around 7,000 points. According to the perspective of carving a boat to seek a sword, this kind of daily contraction generally requires a daily breakthrough in the short term. If the first support is not broken, the probability of upward movement will be high.
The RSI relative strength index has now fallen to around 43. This value is basically to stimulate oversold rebound sentiment, and it needs to be successfully stimulated before the first support is broken.