Bitcoin Afternoon Market Brief

From early morning to midday today, Bitcoin retreated from 81,500, and after breaking below 80,000, it probed as low as around 79,200. It then stabilized and entered a narrow sideways range; the current price is trading around 79,600. This pullback is a healthy correction after a bullish rally by the long side. In the short term, the downward drive of the bears has also slowed down, down down to a certain extent—overall, the bullish trend still remains solid.

Although the daily chart closed bearish, the broader bullish trend for the long side has not changed. The middle band of the Bollinger Bands at 77,700 provides strong support, and the high-level divergence is only a short-term phenomenon. On the four-hour chart, selling pressure stopped at the key support level of 79,000; bearish momentum is gradually running out, providing a basis for a rebound and repair. The hourly oscillation range is converging. Support at 79,500 is effective. After breaking through the resistance at 80,500, the bulls will move higher further.

In the afternoon, the main approach is to go long on dips. My personal view: enter long positions on retracements in the 79,000-79,300 range, with a defense level below 78,800. Targets are 80,500-82,500. Follow the upward momentum, continue to keep in sync with the bulls’ rhythm, and stay positioned with an outlook to move higher. $BTC ‌