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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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The recent performance of Bitcoin has attracted market attention. After breaking through the important psychological barrier of 120,000 USD, the price of Bitcoin failed to stabilize and quickly retraced. This phenomenon reveals that there is considerable selling pressure in this price range, while also reflecting that the current bullish strength may not be sufficient to support further increases.
From a more micro perspective, the rebound momentum of Bitcoin has obviously weakened. The trading volume has not significantly increased alongside the price rise, which is often seen as a signal of insufficient upward momentum. In technical analysis, hour-level top divergence patterns are beginning to emerge, further suggesting that there may be adjustment pressure in the short term.
In this market environment, investors may need to remain cautious. The $120,000 level has become a clear resistance point. For traders skilled in short-term operations, it may be worth considering establishing short positions near this resistance level. However, it is important to note that the cryptocurrency market is highly volatile, and any trading decisions should be based on a comprehensive risk assessment.
Looking ahead, whether Bitcoin can break through the current resistance and start a new round of upward movement, or if it will further decline to lower levels, remains to be seen. Market participants need to closely monitor the upcoming price trends, changes in trading volume, and broader market sentiment to make informed investment decisions.