10.10 Evening Analysis
The current trend of Bitcoin is facing great pressure, and the short direction is more obvious. The strong resistance level is still at 62500, which has become a key watershed between long and short positions.
Recently, Bitcoin fell below 61600 after fluctuating in the range of 62000-62500, and then accelerated its decline, reaching a minimum of around 60300. This trend shows that the short force is gradually increasing.
The US CPI data will be released at 20:30 tonight. If the CPI inflation is lower than expected, the market's confidence in the Fed's 50 basis point rate cut will be hit, and even if it is only emotionally affected, it will bring certain pressure to Bitcoin. Moreover, only when inflation falls below the expected range of 2.3% can Bitcoin's adjustment come to an end. But at present, this possibility is small. $
From a technical analysis, the position of 62500 is crucial. If this position cannot be broken, Bitcoin will continue its short trend. Currently, 62500 is used as the dividing point between long and short positions. The short-term rebound strength is limited and it is difficult to break through this position. Under the short trend, the big cake may continue to decline. Investors need to be cautious and should not blindly buy the bottom.
Operation suggestions:
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