Market Outlook

BTC may have completed its intraday correction
This morning, as we surged higher, we pointed out that a correction might occur at the beginning of the week, but the outlook remains bullish for this week
Currently, Bitcoin $BTC is in line with expectations, showing a relatively clear correction, with a low touching around 76,500. Intraday, it retraced 3,000 points from the high of 79,500
I believe the correction has a high probability of being over
From the chart, switching to the 1H timeframe to observe the upward momentum, multiple corrections touched or fell below the EMA200 but recovered. If a similar situation occurs this time, the trend should continue
Structurally, the 76,000 level below is a support-resistance switch from the previous high, and it’s reasonable for a rebound to occur upon reaching this zone
Therefore, the possibility that the correction has ended around 76,500 (or close to 76,000) is not low. It could dip slightly further to around 76, but should not effectively break below 76
Following our previous analysis, the upcoming phase this week should be stabilization - forming a bottom - then surging higher. We hope Bitcoin continues to follow our script
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