⭐️ BTC Market Update Today $BTC

From the daily chart perspective, BTC has already broken below the previous small ascending wedge channel, and the short-term structure is beginning to weaken. But note, a new ascending channel has formed on the 4-hour chart, and currently there is support at the channel; it has not broken down yet, so we cannot directly chase short positions now. Therefore, today’s focus is on the movement around 80,400.

Two scenarios:

① Rebound blocked: If BTC rebounds to around 80,400 and cannot go higher, indicating a failed rebound. The most likely next move is to retest around 78,000. 78,000 is a key level, as it is the previous low on the 4-hour chart and also a defensive level for the short-term bulls. If 78,000 breaks, the short-term will weaken further, with the next support levels at 76,500 / 74,800. This kind of movement can be watched for shorting opportunities on rebounds.

② Support at 78,000 holds: If BTC pulls back to around 78,000 and finds support without breaking below, there is still a chance for a short-term rebound and recovery. You can try a small long position here. First resistance levels are: 80,400 / 82,000. If the rebound is strong, then look at around 83,300.

Note that 83,300 is not the resistance of the previous ascending wedge, but the upper boundary of another major ascending channel on the daily chart, so this level still faces selling pressure. That means even if the price rebounds here, it should not be seen as a strong reversal; caution is needed to prevent a pullback after hitting resistance. #美国4月PPI同比暴涨6%