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Evening BTC Market Analysis for June 29
Reviewing the market, after an early morning rebound, the market entered a consolidation phase in the afternoon. However, the market has not had a sustained one-sided move. In the evening, BTC suddenly spiked up to 60758 but failed to hold. Finally, the bearish volume increased and the price fell back down, still not breaking out of the consolidation phase. It is likely that a one-sided move will not occur until the US stock market opens.
According to the 1-hour level chart, the Bollinger Bands appear to be turning upward. However, this does not necessarily mean 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 it continue the rebound trend and challenge 61000 again. If it fails to break the resistance tonight, it is likely to fall back and retest the support at 59000. For now, it is best to wait and observe, and make a decision after the US stock market opens and a one-sided move emerges.
Looking back at the market: after today’s early-morning rebound, the afternoon shifted into a consolidation phase, but price has not made a decisive one-way move. In the evening, Bitcoin suddenly spiked upward and pierced briefly to 60758, but it failed to hold; then the shorts ramped up volume and the price fell back again. It still hasn’t broken out of the consolidation range. Most likely, a one-way move will only emerge after the U.S. stock market opens.
Based on the 1-hour chart, the Bollinger Bands appear to be bending upward, but that alone does not mean the rebound trend will continue. The key is whether the market can effectively break through the resistance level above (60500). Only with an effective breakout is it likely that the rebound trend can continue and once again push toward 61000. If tonight it fails to break through the resistance level above, then it is likely to pull back and test the support below at 59000 again. For now, it’s best to stay on the sidelines and wait—make a decision after the U.S. stock market opens and a one-way move becomes clear.