5.5 Bitcoin Evening Analysis Support Holds, Trend Continues Upward

Bitcoin successfully broke through the 80,830 resistance level on the hourly chart, surging to a new high of 81,725. However, after the surge, the price failed to stabilize above 80,830, and the current market has entered a retracement and correction phase. The hourly candlestick corresponding to this new high forms a standard shooting star pattern, visually indicating heavy selling pressure above. The bulls lack sufficient momentum to push higher, and the short-term resistance and reversal signals suggest a pullback. Looking at the white-boxed area of the upward candlesticks on the chart, combined with the volume below, it’s clear that the upward movement has been characterized by decreasing volume. The phase of rapid ascent has not seen effective volume expansion. Under the divergence of price and volume, a correction is a normal market behavior.

However, the current retracement pace will not happen overnight. The key support level is at the lower boundary of the triangle consolidation at 80,500. After the previous breakout of resistance, this level has turned into a strong support. Only a significant drop below 80,500 would extend the correction further. The immediate downside targets are the support zone between 79,800 and 79,500. If this support is broken, the correction will accelerate, with deeper support around 78,500.

Once the hourly candle closes below 78,500 and cannot quickly recover, a new structural low will form, and the current hourly bullish structure within the white box will officially end. Overall, the recent rebound has been substantial, and a technical correction is inevitable. The alternating pattern of rise and fall indicates a healthy market. After short-term adjustment, further upward movement cannot be ruled out.

Trading Suggestions:
Buy on dips in the 80,500-80,200 range, mainly focusing on long positions. The first target is 82,000-82,500, and the second target is 83,000-84,000. Strictly control entry points.