BTC quickly retraced from the historical high near 108,500 to around 91,500, a decline of nearly 16%. For retail investors, this caused extreme panic, and many likely chose to cut losses under pressure. The number of retail contract liquidations is also not small. However, for institutions, a sharp decline presents an opportunity to acquire low-priced chips.
Reports indicate that a New York Stock Exchange-listed company is buying a large amount of BTC in two transactions. The first transaction was for 217.18 BTC, and the second for 213.4 BTC. Recently, major institutions like MicroStrategy and Grayscale have also been making large purchases, which undoubtedly is a major positive news and boosts market confidence.
[Price Trend Analysis]
K-line pattern:
Recent prices show a fluctuating upward trend, with a strong overall performance.
Previously, there were multiple long lower shadows, indicating strong support below.
Technical Indicators:
MACD: The MACD fast and slow lines on the 4-hour period are running above the zero line, indicating enhanced bullish momentum; the MACD golden cross on the daily period is upward, showing upward momentum.
RSI: The RSI on the 4-hour period is close to the overbought zone but has not yet entered it, indicating potential for a short-term pullback; the daily period RSI is in the mid-high range, showing that there is still some upward space in the market.
EMA: The 4-hour period EMA7, EMA30, and EMA120 moving averages are in a bullish arrangement, and the price is running above EMA7, indicating a clear upward trend in the short term; the daily period EMA7, EMA30, and EMA120 moving averages are also in a bullish arrangement, further confirming the upward trend.
Trading Volume:
Recently, trading volume has increased, showing an increase in market participation and sufficient upward momentum.
Trading volume significantly increases near key levels (such as round numbers), indicating strong buying and selling power at that position.
