Affected by the decline of Bitcoin, the price has once again fallen below the upward trend line on the daily chart, turning the support level into a resistance level.
The moving averages on the daily chart are all trending downward, and since Bitcoin has not yet reached a strong support position, after the hourly rebound, there is still room for further decline on the daily chart.
The area between 6600-7700 is a strong support; in previous instances, after the price fell to this position, there has been a notable rebound.
Spot buying can still be done in batches at lower prices. When Bitcoin stabilizes and oscillates, there will be a decent rebound. However, significant movements will still require waiting for Bitcoin to set a new historical high.
Daily chart resistance levels: 10800-11900-13600-14500; support levels: 9800-8800-7690-6770
