At the beginning of this week, Bitcoin continued its previous downward trend, with the weekly chart showing a series of Bearish lines. From a Technical Analysis perspective, Bitcoin's current downward trend is still ongoing, but the daily chart level is approaching a key support level.
Currently, the price of Bitcoin has approached the low point of the previous consolidation range, which may trigger a short-term rebound. However, given that the overall market remains weak, any rebound may be relatively limited and could evolve into a volatile market.
For short-term traders, attention can be paid to the potential rebound opportunities in the range of $108,800 to $109,500. If a rebound occurs, this range may become a new short entry point. However, considering the market's uncertainty, it is advisable to adopt a cautious position management strategy, considering the use of a light position of 3-5% for operations.
The important support level in the near term is around $107,000. If this level is breached, the next key support level may be around $105,600. Investors should closely monitor these price levels, as they may have a significant impact on short-term price movements.
Despite the short-term downtrend in the market, the volatility of the cryptocurrency market remains significant. Investors should conduct a comprehensive market analysis and weigh potential risks and returns before making any trading decisions.
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At the beginning of this week, Bitcoin continued its previous downward trend, with the weekly chart showing a series of Bearish lines. From a Technical Analysis perspective, Bitcoin's current downward trend is still ongoing, but the daily chart level is approaching a key support level.
Currently, the price of Bitcoin has approached the low point of the previous consolidation range, which may trigger a short-term rebound. However, given that the overall market remains weak, any rebound may be relatively limited and could evolve into a volatile market.
For short-term traders, attention can be paid to the potential rebound opportunities in the range of $108,800 to $109,500. If a rebound occurs, this range may become a new short entry point. However, considering the market's uncertainty, it is advisable to adopt a cautious position management strategy, considering the use of a light position of 3-5% for operations.
The important support level in the near term is around $107,000. If this level is breached, the next key support level may be around $105,600. Investors should closely monitor these price levels, as they may have a significant impact on short-term price movements.
Despite the short-term downtrend in the market, the volatility of the cryptocurrency market remains significant. Investors should conduct a comprehensive market analysis and weigh potential risks and returns before making any trading decisions.