BTC surged in the early stage, but it reached the high zone and then met resistance there. The upside thrust of the bulls gradually ran out, and profit-taking and capital exit triggered a round of deep pullback. Prices moved down to test the low-level support area, completing the test.

After the market bottomed out, it saw a rebound and corrective recovery. However, based on the chart structure, this rise is only a technical retracement after a big sell-off, not a trend reversal. The short-term moving averages still form resistance, and there is heavier sell pressure in the key overhead pressure zone, so the sustainability of the rebound remains in doubt.

Don’t be misled by short-term rebounds and chase higher blindly. After the rebound reaches the resistance level, downside risk still exists. In terms of trading, stay cautious and wait for a suitable range before considering positioning. #直通IPO第二期JerseyMikes