As Bitcoin officially celebrates its 16th birthday and the first mining of the Genesis block, market sentiment continues to fluctuate. Although the price has once exceeded $97,000, it is still in a narrow range, and many investors and analysts are cautious. Although the accumulation of spot ETFs continues to rise, breaking through 5.7% of the total supply, bringing some bullish signals, the profit-taking behavior of retail traders indicates that market confidence has declined.
In this environment, is a move to new highs above $110,000 still feasible?
Technical analysis and market sentiment
Impact of spot ETF: The proportion of spot ETFs in the current market is increasing, which supports the long-term bullish trend of Bitcoin.
Retail confidence is declining: A significant number of retail traders are gradually closing their positions, indicating uncertainty regarding Bitcoin's short-term trends.
Breakthrough challenge: Although the technical analysis shows bullish signals in the short term, the critical resistance at the 50-day moving average is being tested, but the decline in trading volume has led to ongoing price oscillation within the range.
Future Outlook
Although technical indicators show a recovery in bullish trends, Bitcoin's price is expected to continue oscillating below $100,000 until market trading volume rebounds. Only with sufficient trading volume can Bitcoin potentially break through the current resistance level and reach new highs of $110,000.
Bitcoin is at a critical juncture between 'breakthrough' and 'consolidation'. The market is expected to remain within the current range until a new breakthrough trading volume emerges.
Want to know the latest trends and in-depth analysis of Bitcoin? Like and follow Mr. Zhao to keep your finger on the market pulse!#BIO开盘 #币安全球用户突破2.5亿 #比特币走势观察 #比特币现货ETF持续淨流出 #马斯克改名
