From the 4-hour timeframe, the market has already exhibited a classic surge and pullback pattern.


After the price surged above 82,800 to set a new high, it began to consecutively close lower, with the highs firmly rejected.
In recent candlesticks, the rebound strength has been weakening, directly breaking through the previous support level of 81,000, indicating that the bulls can no longer sustain at high levels, and selling pressure is continuously releasing.

The price has dropped straight down from the upper band of the Bollinger Bands, now approaching the middle band.
The upper band is also starting to flatten, and the upward momentum has clearly exhausted.
It is highly likely to retrace back to the middle or even the lower band next.
The Bollinger Bands are also showing signs of narrowing, suggesting that after a high-level consolidation, the probability of a downward breakout is greater. #比特币
BTC-0.24%
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