May 23 Bitcoin Market Analysis

Bitcoin briefly halted its decline at 76,000 and repeatedly tested lower levels without success, then moved sideways and upward, successfully finding support below, creating an illusion of a bottoming. This wave is quite deceptive. Previously, I emphasized that 78,000 is a key strong resistance, and the bulls have yet to break through it, while US-Iran negotiations are stuck in a deadlock with no positive news coming out. Today is Saturday, a market holiday, and in the afternoon, trading volume and momentum are once again concentrated, with a retracement of over 1,000 points, and the overall market atmosphere is quite cautious. The lower support level is also close to the 2,000 mark; I mentioned in a previous live broadcast that the trend of the retest of the 2,000 level is heading toward that point.

Currently, the four-hour bullish structure has not yet completed, and with weekend liquidity being relatively low, a break below 74,000 could lead to further testing around 73,000. Moreover, if the US-Iran situation does not ease soon, and there is no hope for negotiations, and if the new Federal Reserve Chair does not signal market stability, then a rebound in the market will be difficult to sustain through a breakout. This bottom cannot be casually bottomed out; during such a decline and technical rebound, if you miss the opportunity to catch the recovery, you should control your position size and holdings. Otherwise, once trapped, it could turn into a bottomless pit. #PlatinumCard作者专属 $ETH $BTC