1.6 Monday Afternoon Bitcoin Market Analysis $BTC
In the morning market, Bitcoin first retraced to the low point of 97872, which then triggered a strong rebound. The price of Bitcoin surged upward, continuing to rise, and began to challenge the 100,000 mark again, currently reaching a high point of 99886, demonstrating strong upward momentum. Ethereum started its upward trend from the low point of 3609. Although there was a slight pullback along the way, this brief adjustment did not break the overall upward trend, reaching a peak of 3698. The morning strategy successfully captured 1350 points for Bitcoin and 70 points for Ethereum.
After successfully gaining support at the lower level, Bitcoin rebounded strongly and broke through the short-term downtrend line, currently in a clear upward trend. During the current upward process, a clear ascending channel has formed. At the same time, we need to closely observe whether the already broken trend line and resistance levels can effectively form support, using this as an important basis for subsequent operations. Currently, the probability of Bitcoin testing the key level of 100,000 again has significantly increased. However, it is important to note that the market may choose to take profits, which could lead to a price pullback. Therefore, it is recommended not to blindly chase higher prices, but rather to patiently wait for opportunities when the price pulls back. If Bitcoin successfully breaks through the important level of 100,000, then in the short term, due to bullish market sentiment, Bitcoin is very likely to experience a rapid upward trend. Maintain a cautious strategy in the afternoon.
Bitcoin: Around 98500 can be a good entry point, short-term target first looks at breaking 100,000 to aim for 101,000
Ethereum: Around 3630-3650 can be a good entry point, short-term target 3750
