Last night, after breaking through the support level of 60660 last weekend, the price of Bitcoin once dropped to 59678 during the session, falling below the 60,000 mark. However, when it fell below this key point, there was no large amount of technical selling pressure in the market, nor did there be large-scale liquidation of long positions, showing the relative stability of the market. Subsequently, the price of the currency successfully rebounded above 60,000 and rebounded to around 62,000 this morning.
From a technical analysis, although Bitcoin fell below an important support level yesterday, it did not trigger a further plunge, indicating that there was no panic selling in the market. The daily K-line pattern showed a middle-yin line with a lower shadow, laying the foundation for this morning's rebound. However, it should be noted that the current daily K-line of Bitcoin is still below the 5-day moving average, and the short-term moving average is diverging downward, indicating that the overall short-term trend is still weak.
Therefore, we cannot judge too early that the downward trend of the correction since the beginning of last week has ended. Today's rebound may be suppressed by the 5-day moving average of 63,200, and there is still a risk of continued oscillation and downward decline in the future market. In terms of operation, investors should pay close attention to the upper resistance levels of 64500, 66867 and 72798, as well as the lower support levels of 59678, 59000 and 56000. Under the premise of reasonable risk control, find suitable entry opportunities.
In short, the current bitcoin market is still in a stage of shock adjustment. Investors should maintain a cautious and optimistic attitude, pay close attention to market dynamics, and respond flexibly to market changes.