Will Bitcoin still rise on 10.14? Trend analysis on Monday
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Today, let’s take an in-depth analysis of the recent volatility trajectory of the Bitcoin market. After hitting the key support level of 59,000, Bitcoin showed amazing resilience and immediately launched a fierce offensive. It has successfully jumped to a high of 64,400. This market advance has hardly experienced any significant correction. The continuous upward trend makes people think, is this rising pattern really stable?
Looking back on yesterday, Sunday, Bitcoin made a slight correction from the intraday high near 63,400, but quickly stabilized only to the 62,000 area. Although this adjustment was small, it appropriately reflected the health of the market and set the stage for a subsequent strong rebound. laid a solid foundation. This morning, as the weekly closing bell rang, Bitcoin reached a high above 63,800, demonstrating its strong weekly performance.
It is particularly worth noting that after Bitcoin successfully broke through the important psychological level of 63,400 at noon today, it entered a subtle triangle consolidation area. The short-term consolidation in this area failed to stop its progress, but instead became the springboard for a new round of rise. Then Bitcoin made another effort and jumped upward by more than 1,000 points.
From a technical perspective, Bitcoin is currently facing strong pressure from the large triangle area above the 2-day line. This area is located near 65300 and is a key node for the conversion of long and short forces in the market. If Bitcoin can successfully stand above 65300, then the possibility of its northward breakthrough and starting a new wave of rising prices will increase significantly. Therefore, we need to pay close attention to the dynamic changes in the suppression position of this triangle area.
In terms of operational strategies, in view of the current market situation, it is recommended that investors adopt a high-altitude strategy. Especially for Bitcoin (BTC), they can consider placing short orders near 64600-65100, with the target looking at the 63500-62500 range. . As for other crypto-assets such as Ethereum, we may stay on the sidelines in the short term and wait until the market trend is further clarified before making any decisions.
