Since Bitcoin bottomed out at 91,500 at the end of last month, the price has maintained good long support in the past week. After the price fluctuated at 98,000 US dollars for two days, today the price broke through the sideways zone and continued to test the rebound high, and launched an impact test at the 100,000 US dollar mark. Since the price has strong support at 98,000 points, it means that the panic selling at the 100,000 mark will be absorbed in this area, and it is natural to launch an upward impact after the market selling pressure decreases. In fact, the medal told everyone to increase long positions at 92,500 US dollars at the end of last month. The main reason is that it has touched a more obvious support level, and this month Trump will take office, and the bullish atmosphere of the entire market will be further released. Moreover, the long positions of Bitcoin are very solid, including many new institutions, hedge funds, and companies in the global market, and the selling chips can be absorbed faster. Around December last year, the price had been fluctuating for two or three weeks before breaking through 100,000. Therefore, the basic plate in this area is relatively solid, the turnover rate is sufficient, and new entrants do not actually have obvious profit margins, and their positions are very stable.

On the second day of the New Year, Bitcoin welcomed a significant rebound, driving the entire cryptocurrency market to rise. The Medal had analyzed this on the previous day when the price was at 92,500 USD, to predict the turning point of the trend. At that time, Bitcoin's price had just touched the MA 60 support on the daily chart, and the bearish atmosphere was strong, with the possibility of further declines anytime. The Medal's article provided an objective technical analysis of the bearish situation and concluded with a decision to increase bullish positions. At critical points, the Medal used experience and trading systems for objective analysis, and thanks everyone for their trust in the Medal. At the same time, the Medal hopes that the bullish analysis provided can bring good returns.

Since the article released on the 26th by the badge indicated that there was a selling pressure demand of over 20,000 Bitcoins, predicting that the price would fall below the $90,000 mark and challenge the $85,000 support level, BTC has not shown any significant bullish performance. It has continuously pressed downward to challenge the $90,000 round figure. After issuing the warning, the price dropped by more than $5,000. Currently, the price is at $92,500, with continued support above the $90,000 mark, and the lowest pullback reached $91,530, showing no significant bullish trend. The main factor is still that the selling pressure has not been fully released, resulting in a lack of buying power to drive the price up. Right now, the price has reached the first support level at the $90,000 mark, and the daily line has also touched the bullish trend line of MA 60. This trend line determines the bullish direction of the bull market. If it continues to press below $90,000 and closes below that on the daily line, it means deviating from the bullish guidance direction, and the first phase of the bull market has come to an end. In the coming weeks, the market's rebound will take the bull market's top of $108,000 as the upper boundary, resulting in a pullback trend. Therefore, the upcoming daily closing pattern is crucial.

Bitcoin failed to challenge the $100,000 mark today and has pulled back under pressure. In fact, the main reason for this is the sudden appearance of sell orders, rather than issues with the buying pressure from bulls. According to data collected, over 20,000 Bitcoins suddenly transferred to exchanges at 5:00 AM today, indicating a sell-off demand. This unexpected news cannot be predicted in advance, as many institutions or large holders may not have a completely unified expectation of the market's future, so prices are likely to continue adjusting downward in the short term. Based on the sell-off volume, this drop is expected to bring Bitcoin below the $90,000 mark, challenging the strong support near $85,000, which will cause the entire market to follow Bitcoin's decline.

Bitcoin reached its historical high of $108,353 on the 17th of this month, followed by a wave of rise and fall. In the following three days, the price continued to decline, dropping to 92,232 at 7 PM on the 20th, with a high-low difference of $16,121 and a drop of 15%. This movement is considered a significant retracement in a bull market. Currently, the daily support is above the 90,000 mark, near a horizontal support level around early December. This area has seen price fluctuations for more than 20 days, and the support is relatively strong. As the market has undergone sufficient retracement, with selling pressure released adequately and buy orders continuing to increase, the price has good stopping ability.

Bitcoin was once again doused with cold water amid the market's clamor, with the price dropping from the historical high of 108,353 USD at 10 PM on the 17th to a low of 98,802 USD at 10 AM today, a drop of 9,551 USD, marking a significant decline. In fact, the market's high sentiment led to frenzied buying, resulting in many bullish contracts being held, making a washout inevitable. The expert reminded everyone in the analysis article the day before yesterday that when the bullish pattern of Bitcoin is evident, do not chase after buying high; instead, buy in batches after a sufficient pullback. The price has deliberately fallen below 100,000 USD, and the expert believes the pullback is nearing its end, with the price set to begin a fluctuating upward pattern.

Bitcoin continues to break new highs, with the latest peak reaching 107,793. The price has moved far away from the fear of the $100,000 mark, which has shifted from resistance to support. This indicates a further strengthening of bullish consensus.
In the previous article, it has been communicated that Bitcoin will continue to maintain abundant momentum. The basis for this analysis was that the market continues to buy, holding positions steadily, and ETFs are continuously bringing in new funds, which means that it can fully absorb the profit-selling pressure in the market. It is believed that the bullish momentum will continue and there is no basis for concentrated selling. Short-term surges followed by pullbacks are normal, as there are sellers in the market fearing heights. Currently, there is a little over a month left until the official inauguration of Old Trump on January 20 next year. During this period, the bullish atmosphere and positive factors in the market are present, and everyone's enthusiastic minds are filled with limitless imagination, providing ample support for Bitcoin.

Bitcoin started to decline again at 11 PM on the 9th, until it experienced the last K-line drop at 5 AM on the 10th, with an overall drop of nearly 6000 USD, hitting a low of 94150, leading the entire crypto market to experience an extreme drop from 4 AM to 5 AM yesterday. In fact, such behavior is not surprising, as every bull market will have such extreme trends. Since November 5, after Trump’s election victory, the entire mainstream altcoin market has risen to a new level, with sustained interest for a month, and most gains achieving a range of 100%-200%. Too many long positions have accumulated profits, thus the price correction for long positions is inevitable.

Bitcoin began to end its sluggish behavior around 95000 at 1:00 AM yesterday, starting a sustained rise. The price first reached around 98500 USD for a break at 6:00 AM yesterday. It is only 1500 USD away from 100000, needing just a 1.5% rise to break through. After the bulls rested for a few hours, they launched an assault at 10:00 AM, and the price began a rapid and significant increase, with a large bullish hourly candle breaking through the 100000 USD round number. The hourly chart continued to show a large bullish candle, reaching a maximum of 104088 points, successfully breaking away from the sensitive area of 100000 and continuing to shine, bringing a historically shocking scene.

Bitcoin continues to face pressure near the upper boundary around 99000. Is it a breakthrough or a continued downward adjustment? In fact, both probabilities are 50%. Last week, a special article was written about how Bitcoin faces the hundred thousand mark. Due to long-term holders selling for profit, the price needs to undergo sufficient turnover at high levels to reduce immediate profit-taking, allowing the price to rise smoothly and continue to increase. As there is still plenty of time in the bull market, it is believed that Bitcoin still has higher expectations. Although expectations are abundant, the market shows hesitation at the hundred thousand mark, and the buying power is not very strong. A pullback to test support is also not a low-probability event. Therefore, when participating in spot trading, everyone should control their positions within 60% and set defensive measures according to their holding style.