BTC Market Analysis

Looking at the monthly K-line for BTC,
it closed with a small inverted hammer candlestick,
successfully ending the previous five consecutive bearish candles.
However, this candlestick has a long upper shadow,
indicating that selling pressure above is extremely heavy.
If the bulls want to recover previous losses,
they face significant difficulties and obstacles.
On the daily K-line level, the price stabilized around 65,000,
and a rebound has been underway, with two consecutive days of bullish closes.
A small V-shaped reversal pattern has preliminarily formed.
In terms of technical indicators, the KDJ indicator is turning upward,
showing signs of a short-term rebound.
But the RSI indicator's upward momentum is insufficient and has started to turn downward.
In the MACD indicator, the bearish side is still expanding.
Considering all these indicators, although there is a need for a rebound correction,
the trend has consistently struggled to move higher,
instead oscillating at high levels,
showing a pattern of oscillation replacing upward movement.
This kind of trend is gradually depleting the bulls' strength,
a typical trap behavior.