In the morning, some large traders on the Binance platform performed long position closing operations when the BTC price was in the range of 57,100 to 57,250 US dollars, and successfully shipped goods, involving an amount of up to 29.97 million US dollars. This move attracted market attention.

Immediately afterwards, a shooting star pattern appeared on the technical chart within BTC’s 45-minute custom time frame. This classic technical analysis signal is often regarded as a harbinger of a short-term top. Subsequently, the price of BTC fell significantly from this high point, with a decline of more than 2.8%, indicating that the market may face adjustment pressure in the short term.

Currently, BTC is finding support near the key support level of $56,600. If this support level is effectively broken, market participants will pay close attention to the performance of the next important support level of $56,000. It is worth noting that $56,000 is not only closely watched by large traders in the spot market, but is also located at the key Fibonacci retracement level. The support in this area is relatively strong and may become a buffer zone for BTC to fall further.

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The above analysis is based on current market data and technical indicators, but please note that the cryptocurrency market is highly volatile and uncertain, and investors should make decisions carefully and consider personal risk tolerance. $BTC

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