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April 29 Midday Bitcoin Market Outlook
The Federal Reserve's interest rate cut expectations have been hyped up, with market easing expectations at their peak, and overall market sentiment leaning bullish, with increasing confidence in long positions.
Bitcoin's 4-hour chart is very clear: it surged to around 80,000 but couldn't hold, quickly retraced, and found support at 75,600, now re-establishing above 77,000 for sideways consolidation.
Support below is very strong; bears no longer have the power to push down, and bulls are very strong at lower levels.
Market volume is also healthy; during declines, volume increased to shake out weak hands, and during rebounds, volume followed through, clearly indicating that the main players are accumulating at low levels.
The selling pressure above has been mostly absorbed, and bulls are ready to launch a counterattack at any time.
In terms of trading:
- Rebound to 76,200–76,700, gradually build long positions
- Short-term resistance target at 78,200–78,700