The overall Chinese market trend oscillated higher then faced resistance and pulled back, with Bitcoin falling back to the low of the hourly chart around 747 in the early morning, stabilizing and rebounding. The bulls strongly pushed higher, breaking through the previous high, with the highest reaching 794. All the long positions from yesterday have been realized.

The rally peak just near the upper band of the Bollinger Bands at the key resistance zone of 792. After reaching the high, the bullish momentum exhausted, and the market quickly retreated. The candlestick closed with a long upper shadow, indicating that profit-taking pressure above 790 was quite heavy. Overall upward trend remains unchanged, but the short-term bullish momentum has slowed down. The market has returned to the middle-upper band zone of the Bollinger Bands, likely to consolidate and digest the overhead resistance.