Tonight's rally is probably driven by news stimuli or short squeeze, but the market is clearly lacking momentum. It couldn't break through 69,000 to 70,000 and needs to test the support again. If the volume and volatility remain very low at this time, a downward move is highly likely in the afternoon, forming a classic tower top pattern with exhausted momentum. If the bulls turn into bears and a tower top pattern truly forms on the daily chart, a significant drop could follow. A major rebound might only happen if prices fall to around 53,000 to 55,000; otherwise, with differing opinions, the market won't go higher and will need more sell-offs. Be cautious with this market—shorting is more stable than longing. $BTC
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Tonight's rally is probably driven by news stimuli or short squeeze, but the market is clearly lacking momentum. It couldn't break through 69,000 to 70,000 and needs to test the support again. If the volume and volatility remain very low at this time, a downward move is highly likely in the afternoon, forming a classic tower top pattern with exhausted momentum. If the bulls turn into bears and a tower top pattern truly forms on the daily chart, a significant drop could follow. A major rebound might only happen if prices fall to around 53,000 to 55,000; otherwise, with differing opinions, the market won't go higher and will need more sell-offs. Be cautious with this market—shorting is more stable than longing. $BTC