Yudong Analysis (January 7th Afternoon)
Hello everyone
I am Yudong
Yesterday, Bitcoin (BTC) surged significantly, finally breaking through the $100,000 mark!
What is the current market situation? Will it continue to reach new highs?
First, let's take a look at the fundamental situation. Bitcoin miners in the United States, including Mara Holdings, Riot Platforms, and CleanSpark, are accumulating Bitcoin in large quantities to cope with tightening profit margins due to increased competition and rising operational costs.
In addition, MicroStrategy is seeking to raise $2 billion to purchase more Bitcoin, with its stock rising 3.9% in pre-market trading. Furthermore, MSTR bought over 1,000 Bitcoins in the last two days of 2024, with an average price of $94,040. Both BTC and ETH ETFs are experiencing net inflows, especially the BTC ETF, which saw a net inflow of $76.95 billion yesterday.
The price of Bitcoin (BTC) is around $101,747, with a price increase of about 2.21% in the past 24 hours. The EMA has broken through the 7-day, 25-day, and 60-day moving averages, indicating a very positive short-term and medium-term trend in the market! Moreover, trading volume has increased, and buying activity is strong, but further increases will require more volume support. The RSI is around 62, indicating that the market is in a relatively strong zone, with room before reaching the overbought area, suggesting that there is still upward momentum in the short term. On the hourly chart, although the BTC price has pulled back after reaching a high, the price remains above the main moving averages, and the short-term upward trend remains unchanged, so just be cautious of the pullback risk.
In the short term, pay attention to the support strength in the range of $101,000 to $102,000. If the price stabilizes in this range, it may present a buying opportunity on dips; if it breaks below this range, be wary of further adjustment risks.
From a medium to long-term perspective, the BTC price is still in a bullish trend, and existing positions can be held, but keep an eye on the resistance level around $108,000.
In addition, everyone should closely monitor changes in trading volume and MACD death cross signals. If signs of a pullback appear, consider reducing positions to lock in profits.