Moving Average (MA):
Both the short-term moving average (MA7, purple) and the medium-term moving average (MA25, cyan) are trending upward, but the price has fallen below the short-term moving average, which may be a bearish signal. The current price fluctuates around MA25, and it is necessary to pay attention to whether it will be effectively supported.
Relative Strength Index (RSI):
The RSI indicator is currently at 47.27, indicating that the market is in a neutral state, with no obvious overbought or oversold conditions. In the short term, the downward trend of RSI shows that the seller's power is increasing.
Trading Volume:
As can be seen from the trading volume bar chart at the bottom of the chart, the trading volume has increased during the price drop, indicating that the market's selling pressure on BTC has increased.
Future trend analysis and operation suggestions:
Short-term (a few days to a week):
In the short term, the BTC price may fluctuate between 68,000 USDT and 70,000 USDT. If the price can break through 70,000 USDT and stabilize above it, it may retest the previous high of 71,000 USDT. If the price falls below the support level of 68,000 USDT, it may fall further in the short term, and attention should be paid to the support of 65,000 USDT.
Medium term (within a few weeks to a month):
In the medium term, attention should be paid to whether the price can be maintained above the key support level of 65,000 USDT. If the price stabilizes in this range and the trading volume continues to increase, the medium-term bullish possibility is greater. The resistance level in the medium term is around 75,000 USDT. If the price breaks through this resistance level, there may be a new upward trend.
In general, BTC currently shows signs of a short-term correction, but it needs to be operated with caution, paying attention to the changes in key support and resistance levels, as well as the impact of external factors in the market on prices.
