April 22 Afternoon Bitcoin Market Outlook

Bitcoin bottomed out around 74,700 in the early morning and stabilized, then surged strongly in a single trend, reaching a new high near 78,400, currently oscillating around 77,900 at a high level.

After a deep V-shaped reversal, the bulls exploded, and the lows continued to rise, but the volume at high levels significantly declined, and overbought conditions are under serious pressure. The upward momentum is rapidly weakening, increasing the risk of a pullback after a rally in the afternoon. Overall, the rebound faces resistance at higher levels, with minor dips to support levels being the main correction.

In terms of pattern, after a sharp decline, there was a strong rebound and recovery. The 15-minute rally shows signs of stalling, indicating a short-term top signal. Heavy resistance is concentrated above, leaving very little room for chasing the rally. The major bearish structure has not been completely reversed, and selling pressure at high levels is beginning to be released.

Trading Suggestions

Rebound in the 78,300-78,800 range for a short-term high, with the first target at 77,200. If broken, look down to 76,800-76,300.