Recently, the price of Bitcoin has fluctuated significantly, with a major sell-off occurring yesterday, causing the price to dip to the key support level of $111,469. Subsequently, signs of stabilization and rebound were observed. This decline was not driven by any clear external events or unfavourable information from policies, but rather is a result of technical correction and resonance of market sentiment.

From a technical perspective, on the 1-hour chart, the MA5, MA20, and MA60 moving averages are close together and tend to flatten out, indicating a balance of bullish and bearish forces in the short term, with prices in a consolidation state; at the same time, the MA5 has fallen below the MA20 and MA60, suggesting a weak short-term trend. In the MACD indicator, the DIF, DEA, and MACD values are all negative, indicating that bearish momentum is being released in the short term, and the market is overall in a consolidation phase. However, from the 4-hour level observation, prices have shown clear support.

Based on this, today the strategy leans towards anticipating a rebound. It is recommended to place long positions when the price pulls back to around 111700, with the initial target set towards 113300, and further attention on the 114500 level.

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