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6.29 Evening BTC Market Analysis
Reviewing the market, after a rebound in the morning, the market entered a consolidation phase in the afternoon, but the market has not made a unilateral move. In the evening, BTC suddenly spiked upward to 60758 but failed to hold. Finally, the market saw bearish volume and fell back, still not breaking out of the consolidation phase. It is likely that a unilateral move will only occur after the US stock market opens.
Based on the 1-hour level chart, the Bollinger Bands seem to be turning upward, but this does not necessarily indicate that the market will continue its rebound trend. The key is whether the market can effectively break through the upper resistance level (60500). Only with an effective breakout can the rebound continue to challenge 61000 again. If it fails to break through the upper resistance tonight, it is likely to fall back and test the lower support at 59000 again. For now, we should wait and see, and make a decision after the US stock market opens and a unilateral move emerges.
Looking back at the market, after a rebound in the morning, the market began to enter a consolidation phase in the afternoon. However, the price never broke out into a clear one-directional move. In the evening, Bitcoin suddenly pierced upward to 60758, but it failed to hold. In the end, the bears increased volume and the price dropped again. The market still hasn’t exited the consolidation phase. Most likely, a one-directional move will only emerge after the U.S. stock market opens.
According to the 1-hour timeframe, the Bollinger Bands appear to be turning upward. However, this doesn’t necessarily mean the rebound trend will continue. The key is whether the price can effectively break through the resistance level above (60500). Only after an effective breakout can the rebound trend potentially continue and push toward 61000 again. If it cannot break through the resistance tonight, it will most likely pull back and once again test the lower support at 59000. For now, it’s best to watch and wait, and make a decision after the U.S. stock market opens and a one-directional trend forms.