Although BTC slightly dipped yesterday, it quickly rebounded, and the rebound was quite strong, not significantly affecting its current trend. From the daily price chart, it is still on the rise.
The price is now firmly above the 7-day moving average (MA7) on the daily chart, which is at the 97,900 position, and that trumpet-like Bollinger Band is getting tighter.
In the coming period, BTC may continue to oscillate like this, and sometimes it may pull back a bit. But this kind of oscillation and pullback is quite normal and is actually good for the entire market.
Now we are looking at two ranges: one is the range of strong oscillation; if the price does not drop below 97,900, it indicates that it is still quite strong.
The other is the range of healthy pullback; as long as the price does not fall below 96,200, this pullback is healthy, and everyone's sentiment is still stable, which won't affect BTC's current trend.
The sentiment index RSI is currently at 67, which is a bit high but not excessively so. A few days ago it rose above 70 for just one day and then came down, indicating that the bulls are not that crazy yet. If BTC pulls back again, this index is likely to drop as well.
Looking at the futures market, there is about a 1000-point difference between BTC futures and spot prices. Although the significant drop has caused many leveraged players to exit, bulls in the futures market are still quite eager to buy.
Overall, I still think BTC's oscillation or pullback is quite good, as it stabilizes the market and lays a good foundation for future price increases.
However, those friends trading contracts, options, and futures should be cautious; the more lively the market gets, the fiercer the competition, leading to increased capital flow and greater price volatility, making trading even more challenging.
