Bitcoin market analysis

The inflection point for bitcoin's bulls and bears is $69,100, which will determine whether it will be broken or rejected.

If there is a breakout, then the bulls will regain their dominance. Let's look back at last night's bitcoin market, we can see that after the U.S. stock market opened, the price of bitcoin rushed straight up, breaking through the important level of 0.618, successfully recovering this key point, marking the beginning of a bullish period for bitcoin.

At the same time, a W-shaped bottom pattern is formed. We will explore further in today's episode that Bitcoin will challenge a new high, and which point this new high will be.

Looking at the current overall liquidation data, in fact, Bitcoin has risen to more than 71,000, and not too many shorts have been blown up.

It is mainly those who are short in a bull market who are more cautious.

In the past 24 hours, the liquidation volume reached $120 million, but it did not reach $300 million. This time back to $71,000, let's look at the medium and long-term period, why I drew these points for Bitcoin to remind you.

Let's take a look at how Bitcoin reversed after breaking through the previous high.

If we use the technical deduction of the K-line from the medium and long-term period, looking at this large culet, and we use 1:1 to deduce, if the Bitcoin wave rushes to a higher point, the potential target price above may be around $81,200.

But that's just a very desirable number. What I am more concerned about is to use this rising channel from a short period of time to deduce where the potential top of this wave of bitcoin is and which position range it reaches. Spot friends should appropriately carry out some profit-eating actions to prevent this wave of big drawdowns.

Then we can see that this previous high is around 74,000.

And this price is basically, if Bitcoin breaks through the central axis of this consolidation, it should be able to reach it soon.

Therefore, short-term friends should pay attention to whether the short-term bitcoin retracement will come to these points, and then make a bullish structure and attack upwards when it is $74,000.

When you look at this one through the channel-based deduction, a potential top point above it is also about $80,000.

Remember that the meat of the fish tail is very unpalatable, so I hope you must be prepared for both. If you have already laid out a long order in these ranges or are looking at altcoins by yourself, you should be more careful after reaching the previous high point and breaking through, and you must set up actions such as capital preservation. Let's go back to the very short-term timeframe and look at Bitcoin today, if we simply use 0.618