Currently, Bitcoin (the “big cake”) is stabilizing around 78,900. The 4-hour Bollinger Bands show that price is still holding steadily above the middle band. The support near the middle band at around 78,500 has displayed very strong follow-through during multiple pullbacks, and there has been no effective breakdown. The short-term pressure around 79,700 at the upper Bollinger Band, under the testing action of the previous high at 80,590, is also being gradually digested by the bulls.

At present, there is no sign of panic selling in the market, which indicates that during this high-level consolidation, buying power still has the upper hand. The recent surge followed by a pullback in the past two days looks more like a washout by the main funds ahead of a breakout—using two bearish candles to clear out short-term floating positions, thereby easing selling pressure for the next leg up.

Looking at the overall structure, after a brief opening, the Bollinger Bands have entered a narrowing consolidation, which is a continuation signal for the upward move. Market sentiment has not weakened; it’s simply waiting for a new point of breakout. Once the bulls regain momentum and break through the upper Bollinger Band’s suppression, the upside space will be fully opened—rechallenging and breaking the previous high at 80,590, and even launching an attack toward higher round-number levels is a high-probability scenario.

Many people lose their way in a range-bound market. They get frightened by short-term drifting downward, but they overlook the power of the trend. Every pullback right now is an opportunity to get on board, not a reason to exit.

As the market leader, Bitcoin’s direction is the market’s direction. In this kind of position, going long and doing so with a bullish bias is simply following the trend.

Suggestions

Buy near 78,500, look for 79,700 if 79,700 breaks. Then target 80,000.