This morning, the price of BTC touched 107,500 and then fell back. Why did it fall back after touching the resistance level?
Key support and resistance level analysis
Bitcoin currently has several key support and resistance levels worth paying attention to. First of all, 100,000 is the most important support level. It is not only an important psychological barrier, but also of great significance at the technical level. 102,300 US dollars is the first support level, and it coincides with the settlement price, with multiple verifications, which further highlights its importance. And 94,500-94,120 US dollars is the support level on Monday. If Bitcoin falls below the key support of 100,000, it is likely to fall directly to this position.
In terms of resistance levels, the upward resistance levels are at 107,500 and 110,000.
Trading strategy recommendations
Based on the above price analysis, it is necessary to make careful choices in trading strategies. It is not recommended to buy rashly at high levels at present, because there are greater risks. If the price pulls back to the support level near 102,300 US dollars, you can consider going long. But if it falls below the important support level of $100,000, it will be necessary to turn bearish, with the target at $94,120. If Bitcoin can break through $107,000 and stand firm, it can be considered to go long, but it is recommended to wait for the callback to the equilibrium area before opening a position, rather than impulsively taking risks at the current high level. Overall market trend and influencing factors
In general, the current view on Bitcoin is bullish. From the perspective of different cycles such as daily, weekly and monthly lines, there is an upward trend, so the current market environment is not bearish. However, it should not be taken lightly and should be vigilant against possible callbacks. After all, this week the United States will release important information such as retail sales data, building permits and FOMC interest rate decisions, which may bring volatility to the Bitcoin market and affect its price trend.