Friday, June 27: Latest Bitcoin Market Analysis

In the early hours, the Bitcoin price once again tested the 107971 line before quickly retreating, indicating strong resistance above, and the bearish sentiment is strong. The recent highs have also started to gradually lower compared to before, while the recent lows have dropped to around 106500. The market may likely exhibit a volatile downward trend.

From the observation of the four-hour K-line pattern, although the Bitcoin price showed a brief transition from bearish to bullish, this is very likely a bull trap in a downward trend. Last night, it seemed to form a long lower shadow “stop-loss” pattern after a drop, but in reality, it is a false bottom signal deliberately created by the main force, laying a foundation for further price suppression. Analyzing from the overall market perspective, the current Bitcoin price fluctuations are by no means a sign of bottoming out; rather, it indicates that the downward trend is gathering momentum. The price is oscillating around the middle Bollinger Band, essentially a desperate struggle of the bulls under the pressure of the bears. Technically, although there is some support at the 106500 line, the effectiveness of this support is precarious under the macroeconomic backdrop. Once the key support level of 106500 USD is breached, there will be no strong support points below, and the Bitcoin price may start a waterfall decline.

Bitcoin around 107200-107500 is expected to drop to 106000

Ethereum around 2420-2440 is expected to drop to 2320