Bitcoin pullback may have ended, bullish outlook

This morning, $BTC pulled back to test the support level of 86,000 and was supported on the short-term trend line.

From the perspective of volume-price relationship, the volume is getting smaller and smaller during the decline, indicating that the selling pressure is getting smaller and smaller. The subsequent rebound has broken through the short-term supply line, so it is very likely that the pullback has ended and it is highly unlikely to fall below the support level.

From the perspective of funds, the supply of stablecoins continues to increase rapidly. In the past day, the supply of USDT increased by 650 million and the supply of USDC increased by 200 million; funds continue to flow into CEX.

From the perspective of sentiment, Binance USDT lending rate has dropped to around 12%, which is very close to the interest rate before the US election day.

Overall, the market has given more positive signals, so it is bullish outlook.