BTC 95000 is the top of short timeHello guys, welcome to my channel. I am a new blogger Crypto Hand. I use the shortest time every day to bring you the most practical information about the coin circle, stocks, and futures circle. However, I have to say that the following content is only for news, not for investment advice.
First of all, Let’s review Bitcoin’s price performance over the past 24 hours and analyze key technical indicators and market trends. If you like this kind of content, please like and subscribe, and let’s get started.
Data overview
Let's take a look at the data first. After two days of the weekend and the opening of the U.S. stock market on Monday, the price of BTC has stabilized at $94,000, and the weekly line has also stabilized above the bull market support line. Within 24 hours, the highest price of Bitcoin reached $95,630 and the lowest price was $92,000, with a narrow range of fluctuations. As MicroStrategy Company invested more than 15,000 bitcoins this week again, the price of Bitcoin has steadily risen, which has led to a sharp rise in U.S. stocks and cryptocurrency-related stocks. In addition, gold prices are blocked at $3,350. It will cause short-term gold traders to leave the market, turning to products with faster returns, which will also be beneficial to the crypto market.
In terms of trading volume, a total of 22,160 bitcoins were traded in the past 24 hours, with a transaction value of US$103.26 billion. Since reaching US$90,000, the trading volume on working days has been around 20,000 bitcoins, indicating that the market has been affected by the price of Bitcoin and trading sentiment has increased significantly.
Data Analysis
Next, we move on to the technical analysis. From the 4-hour chart, after a few days of narrow fluctuations, Bitcoin has shown a step-shaped rise. From the current position, $95,000 is its upper pressure position. Since it stabilized at $90,000, it has touched the $95,000 position twice. After touching it twice, it fell rapidly by about 1 percentage point in a short period of time. This shows that the market is not confident that the price will break through $95,000 and continue to rise. However, the low point has risen from the previous $91,000 position to $92,600, indicating that the market has strong confidence in the price to stabilize above $90,000. In the short term, the current 4-hour chart has formed a "double top" structure. There is not much room for long positions and a small amount of short positions can be made. It is recommended to take profit at $92,000.
The current value of the market's fear and greed index is 57, which is in a neutral position. Compared with the neutral to greedy position of the previous two days, this position further illustrates that retail investors in the current trading market are relatively smart investors who can see the short-term trading pattern. Although prices have risen, they have not been overly enthusiastic in chasing them, thus paving the way for large-scale selling by institutions.
Summary and predictions
In summary, Bitcoin has been fluctuating in a narrow range recently, and retail investors have not given institutions the opportunity to sell for profit. Therefore, in the short term, there will not be much room for a sharp drop in prices. The lower defensive position is still $90,000. If the price is broken, it may cause market panic, and short-term traders with long positions funds will choose to sell at a loss. The upper pressure position is currently around $95,700. Once it is broken, the next position will be an important pressure position of $100,000. There will be a large amount of unwinding funds at this position, and there will be a high probability of a callback, but it is not easy to say whether the callback position can stand firm. Therefore, long-term holders can choose to let the first callback position of 100,000 US dollars pass, and then select a position to receive bitcoins. I personally believe that this operation is safer.
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So much for so today’s sharing. See you tomorrow!
