Bitcoin once again fell below the daily support and effectively fell below the monthly support.
Stimulated by last night's data, Bitcoin also started a new decline and rebound along with the decline of US stocks. It has now fallen below the 1-hour, 4-hour and daily Bollinger bands, and has not stopped falling for the time being.
The current focus of support is around 61,200. This support has appeared many times in my article. It belongs to the Fibonacci golden support level. It will provide effective support and rebound capabilities for short-term declines, but it is necessary to consider whether the decline is caused by negative sentiment. This is very important.
At the same time, this support is also the key position of the M top. Once it falls below some, the M top enters the confirmation market, and the price is more likely to continue to fall.
Of course, all this is based on the natural market trend, such as the impact of last night's data and geopolitical influence, which are not within the support consideration range.
The price rebounded in the short term, and the nearest resistance is 65,000, followed by the key 68,200 position. The short-term market judgment can be made based on the breakthrough of these two resistances.
The RSI relative strength index fell below 30 and is currently at 27, which has triggered an oversold rebound sentiment. Since the recent decline is due to market sentiment, RSI triggering an oversold rebound sentiment will help the support rebound of 61,200.
Let's continue to look at market data and let the data speak for itself.
