BTC is currently fluctuating around 69,000. It rebounded 15% from a low of 60,000 last week, but the overall downward channel remains unbroken, and market sentiment is extremely panicked.
Looking at the 4-hour chart, it's trading below the middle Bollinger Band at 69,700. The narrowing Bollinger Bands indicate consolidation, suggesting a second pullback after three waves of decline, with short-term momentum weak. #OKX Key Support and Resistance Levels:
Immediate: 67,000 (lower band) 72,000 (upper band)
Key: 63,000 (high volume) 75,000-76,000 (bear defense)
Extreme: 60,000 (psychological bottom) 78,000 (strong resistance)
Trading Range: Between 66,000 and 72,000. A break above the upper band would target 75,000, while a break below the lower band would test around 63,000.
If the January CPI exceeds expectations on February 13th, the Fed's hawkish stance will intensify, which would negatively impact BTC; conversely, a weaker CPI would be beneficial for an upward move.
If the CPI is neutral this week, US stocks will fluctuate, and BTC will consolidate weakly between 68,000 and 70,000.
If the data is dovish, US stocks will rebound, breaking 72k and testing 75k.
If the data is more hawkish than expected, US stocks will plummet, breaking 66k and testing 60k.
For trading, short-term is recommended. Buy low and sell high within the range, with a stop-loss of 1-2%, and a position size of less than 30%. Wait for a breakout and correction, and closely monitor CPI and ETF net inflows and outflows!
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