At around 1 a.m. yesterday (15th), Bitcoin fell to a low of around $65,068, reaching its lowest point in nearly a month. As of the time of writing, it has rebounded and is now trading at $66,187, down about 1% in the past 24 hours.
Although the Federal Reserve's expected rate cut has made the market generally optimistic about the future trend of Bitcoin, the recent weak trend has also caused panic among investors. At the same time, on Wednesday (12th), an institution stated: "The ability of Bitcoin spot ETFs to attract money has actually been exaggerated, and it is skeptical about whether more funds will flow into the crypto market this year."
Bitcoin four-hour chart
According to the current Bitcoin 4H level chart, the price of Bitcoin is currently between the middle and lower tracks of the Bollinger Bands, but close to the lower track, indicating that it has fluctuated greatly recently and there is an oversold phenomenon, and there is a possibility of a rebound at any time.
According to the MACD indicator in the current Bitcoin 4H level chart, we can see that the current DIF line is below the DEA line and is below the 0 axis, indicating that the current market is still in a bearish trend, but the histogram is beginning to shorten, indicating that the downward momentum is weakening and there is a possibility of a rebound at any time.
Finally, we can see that the K, D, and J line values in the KDJ indicator are all at low levels, especially the J line value is already below 20, entering the oversold area. When the J line of the KDJ indicator hovers in the oversold area and the K line value and the D line begin to converge, it means that the market is about to enter a rebound period.
Bitcoin one-hour chart
According to the 1H level chart, we can see that the DIF line and the DEA line cross near the 0 axis, which means that the market is in a state of shock and there may be no clear trend in the short term. The MACD histogram is short, showing that the market momentum is weak and the price may fluctuate in a narrow range.
According to the KDJ indicator in the 1H level chart, the three-line values of the KDJ indicator are hovering at a low level, and the three-line values are all crossing at a low level. This usually means that the market may have a short-term rebound demand, but the overall trend is still unclear.
Finally, we can see from the Bollinger Bands in the 1H level chart that the current price of Bitcoin is between the middle and lower tracks of the Bollinger Bands, but close to the middle track, which means that the market may remain volatile in the short term. And the Bollinger Bands opening is narrow, indicating that the market volatility is small and the market may remain volatile in the short term.
Comprehensive analysis: In the 4H level chart, the Bitcoin price is close to the lower track of the Bollinger Bands indicator, and both the MACD and KDJ indicators show certain signs of oversold, indicating that there may be a rebound in the short term. However, the overall trend is still weak, and the short-selling force is strong. In the 1H level chart, both the MACD and KDJ indicators show that the market may be in a state of shock, and the price is hovering near the middle track of the Bollinger Bands, which means that the market may not have a clear direction in the short term. What needs to be paid attention to is the performance of the price near the middle track (66221).
To sum up, the following suggestions are given for reference
Long Bitcoin falls back to around 65800-65500, target 67400, defense 65200.
Writing time: (2024-06-16, 02:10)
