Yesterday, Bitcoin once again attempted to push upward, but it was blocked and pulled back under selling pressure. Although price is still ranging and oscillating within the range, it is also rather regrettable that the move followed the strong bearish momentum in the evening: after breaking 7.9, the subsequent rebound was simply too hasty. The good news is that this wave was exited early with a small loss.

At present, in the short term it still appears to be in a narrow range of fluctuations. On the daily chart, the moving averages are aligned in a bullish formation, and the medium-term uptrend has not been broken. On lower timeframes, price is in a downward channel, and the indicators are entering an oversold zone, which also suggests that selling pressure is easing. In the short term, watch the 78700 level closely. Whether this level breaks down or price breaks upward to 82000 to chase a long position, both are typical right-side trading setups.