5.28 Afternoon Bitcoin Market Depth Analysis

The current bearish sentiment has been fully exhausted after continuous downward movement, and after a series of declines, the selling momentum has been fully released, signaling an imminent oversold rebound.
Looking back at the intraday trend, it started with a unilateral decline near 76,600 yesterday, with the market continuously under pressure to the downside. Although there were multiple small rebounds and attempts to test higher, the buying strength from the bulls was weak, and these rebounds quickly failed, failing to effectively reverse the downward structure, with the bears maintaining dominance. After the price dipped to around 73,000, selling pressure noticeably weakened, and the decline paused. Currently, the price has slightly stabilized and is bouncing back, hovering around 72,800 in a consolidation range.
From the 4-hour technical pattern, the price previously stayed close to the lower band of the Bollinger Bands, which was opening downward, indicating a strengthening bearish trend. Short-term panic was released in full, and the downward space was quickly compressed. However, market laws suggest that extremes are often followed by reversals. Currently, the price has deviated significantly from the middle band of the Bollinger Bands, with indicators like RSI entering the oversold zone, indicating a strong need for short-term technical correction.
After a series of declines and shakeouts, a large amount of short positions have been cleared, and the bulls' counterattack momentum is continuously building. As long as key support levels are maintained in the short term, the oversold correction phase will officially begin, and the price is expected to gradually recover lost ground and re-enter an upward correction $BTC channel.