BTC is testing the mid-level line. Whether this pullback, which has lasted for half a month, can end depends on whether it can hold above the mid-level line!

Previously, we discussed that this pullback after breaking a new high could end in two ways:

1. The price returns to above the mid-level line, replacing a deep pullback with sideways fluctuations, using time to gain space. Currently, there is still hope to avoid a larger level pullback;

2. Using space to gain time, meaning the price quickly pulls back to near the blue average support zone, gaining strong support with a V-shaped reversal around 85000-86000, confirming the position of the lower boundary of the larger range, then ending the pullback and starting to rebound, maintaining larger range fluctuations;

In the next 24 hours, pay close attention to the performance near the mid-level line, because just like before breaking the new high in the past, BTC's price frequently retested the mid-level line and had false breakdowns, so we must also consider the possibility of price moving around the mid-level line with false breakouts;

If the mid-level line can be confirmed to be held, then the short-term upward target will extend to the yellow line position, which happens to be near the upper boundary of the next higher range at 100200;

If the price lingers around the mid-level line without moving up, it will be constrained by the steep descending channel, and the price will maintain its original trend, pulling back again to test the cyan line. By then, the price of the cyan line will be below the lower boundary of the small range at 92000, which will have a greater chance of leading to a deep pullback to the blue area;

To summarize: The 95000-97000 range of 2000 dollars is a decision point for a reversal of the pullback trend. A complete breakthrough of the small white range in the chart indicates that the pullback is likely to end here. If it cannot break through, and begins to move downward again, then the final drop of this pullback is about to come;

After all, the first deep pullback at the weekly level after a new high in a bull market must drive the bulls off the bus.