BTC Market Analysis:

BTC Market Analysis:
Today is Friday, and indeed after 4 PM yesterday, the K-line made a slight high point and then cascaded downwards. Originally, it was speculated that the dominance on November 2nd along with the monthly close might maintain a high sideways trend, but unexpectedly, the market drew a door and directly fell below 69,500.
This has almost formed a daily top. The hourly time frame is valid, so the high on the 31st will correspond to November 8th, and the high on November 2nd may again appear as a secondary high point, and we might even need to consider fitting it to the high on October 30th, as a few days' error is allowed.
Moreover, the high on November 2nd will point to December 6th, which is at least the timeline we will reach. Overall, this is not favorable for the bulls, and a big reason is that there was no significant bullish candle to break the previous high, and it created a door to fall back below the previous high, indicating that supply is starting to increase.
Thus, the subsequent movement is highly likely just a rebound, at least until a consolidation range is formed.
Additionally, with the low point in time, we need to consider whether it will appear in a consolidation form. If so, it means that after the 8th, the high point time might test new highs again, but it specifically depends on how the low point time behaves.
However, it indeed gives a bearish signal here. Furthermore, the short-term situation is hard to judge for a rebound since there was no stop in the downtrend. Once the subsequent consolidation is complete, we will supplement the content regarding prices. Please like and follow, and next time you won't get lost!