Bitcoin rebounded strongly to the 98700 line yesterday. However, its momentum did not stay here for long, as the rapid drop reappeared in the market. That night, the struggle between bulls and bears was a tug-of-war, allowing the market to feel the power of wide fluctuations.
On the technical side, support is gradually moving up, and the daily Bollinger Bands will converge in about two days. There is a top divergence at the hourly level, and the strength of the bulls' upward movement is significantly weaker than the previous wave.
The overnight pullback did not fall below 96000 to retest around 95500 as expected; instead, it stabilized at 97000. If it can break through the short-term resistance level of 97800, then the price during the day until noon will likely touch the previous high of 98700 to test the resistance again. Conversely, it will still pull back to around 95500.
Morning short-term suggestion: Bitcoin consolidation around 97000-97500, targeting 96000; if it breaks, look for 95000; otherwise, you can enter at the pullback.
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