#比特币价格分析 Due to the escalation of geopolitical tensions and the market's expectation of the Federal Reserve's interest rate cuts narrowing from 75 basis points to 50 basis points, the cryptocurrency market has once again experienced a significant sell-off. It is noteworthy that even a certain whale Address, which previously maintained a winning rate, was forced to cut losses during this buy the dip, indicating that market fluctuations have exceeded normal expectations. Data shows that in the past 24 hours, the total liquidation of long positions across the network reached 1.278 billion USD, and market bearish sentiment is extremely strong. Although all technical indicators point to weakness, caution is needed as there is a lack of sufficient counterparties below 106000, which may limit further short-term declines. Extremely crowded short positions could instead trigger a technical rebound due to short covering.

On-chain data warning: if the price rebounds to around 108000, it will trigger a short liquidation of approximately 580 million USD, which could become a catalyst for a short-term rebound.
From a technical perspective, the moving averages of Bitcoin show a bearish arrangement, with the overall market dominated by bears. However, the RSI has entered the oversold zone, and the candlestick pattern is showing a hammer and a bullish engulfing pattern, suggesting a technical rebound demand in the short term. Given that the larger trend remains weak, it will be difficult to achieve a trend reversal without significant volume increase. The key resistance level to focus on during the day is around 1078, and we need to wait for the four-hour chart to stabilize effectively above this level to confirm the strength of the rebound. In conclusion, it is recommended to maintain a strategy of selling on rallies.