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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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The recent price trend of Bitcoin has attracted widespread attention in the market. From the daily chart, although Bitcoin has not been able to break through its historical high, the extent of its pullback is limited, indicating strong resilience.
The price retreated after a sharp rise, just reaching the lower trend line, which provides some support for the bulls. It is worth noting that although a pullback occurred, the trading volume did not significantly increase, which may indicate that the selling pressure is not strong.
In addition, the support role of the 30-day moving average (MA30) should not be overlooked. Considering these factors, analysts believe that this pullback may only extend to around the level of 118,000 USD.
This round of adjustment is viewed by some market participants as a "washout" behavior, which means eliminating some profit-taking and leveraged positions. Once this process is complete, Bitcoin is likely to attack the resistance level of $123,000 again.
If it can break through this key resistance, Bitcoin is expected to once again refresh its historical highest price. However, investors still need to be cautious and closely monitor market trends, as the volatility in the cryptocurrency market remains high.
Overall, although there may be some fluctuations in the short term, the upward trend of Bitcoin still exists in the medium to long term. Market participants are closely watching the next moves of this digital asset, hoping it can set new milestones in the near future.