#BTC Recent trends, and some of my personal views

Price dynamics: As of August 23, 2024, the price of Bitcoin fluctuates between $59,000 and $61,000.

In the past 24 hours, the price has risen and fallen slightly, but overall, the price has fluctuated within this range.

Technical analysis: Support and resistance: Bitcoin prices have been blocked many times at the 0.618 position of the Fibonacci retracement (about $62,000), but the lows have gradually risen, which may suggest that bullish forces are accumulating.

Moving average test: Bitcoin is testing the EMA200 moving average on the 4-hour chart, which is regarded as the dividing line between long and short. Multiple tests have failed to break through, indicating that short pressure still exists, but the decline after each test is decreasing.

Market sentiment: Bullish sentiment: Some analysts believe that the rebound in prices and the gradual increase in support levels are signals of rising prices, and prices are expected to continue to challenge the upper boundary of the box.

Bearish sentiment: Despite bullish voices, some analysts pointed out that the failure of prices to break through key moving averages and Fibonacci resistance levels shows that the market's bullish power is not yet enough to drive prices up significantly.

Strategy recommendations: Short-term operations: Some users suggest going long when prices approach or break through the Fibonacci 0.618 position, but at the same time be wary of possible washouts. Long-term holding: Some users said they hold spot and believe that in the long run, the price of Bitcoin will continue to rise, despite large fluctuations in the short term.

Macro impact: Market volatility is closely related to macroeconomic data and policy changes. Recent market divergences and fluctuations may be related to changes in the external economic environment.

Overall, Bitcoin's recent trend has shown a volatile upward trend, and market sentiment has swung between bullishness and caution. Technical indicators show that although there is an intention to break upward, resistance is still obvious. Investors need to pay attention to key support and resistance levels, while considering the impact of macroeconomic factors. The current strategy may be short-term swing operations, while maintaining an optimistic attitude towards long-term value-added, but also be prepared to deal with possible pullbacks.