Bitcoin Short-Term Trend Analysis: Recovery Faces Key Support

After experiencing a sharp decline last week, Bitcoin has shown caution at the beginning of this week, with prices hovering around $108,000. Although market sentiment remains cautious, traders' focus is gradually shifting towards potential recovery.

Key Support Level: $105,573

If Bitcoin can find support around $105,573 (coinciding with the 61.8% Fibonacci retracement level of $105,386), it may rebound, targeting the daily resistance level of $116,000.

RSI Indicator: Rebound from Oversold Zone is Key

The current RSI is 36, well below the neutral level of 50, and close to the oversold zone, indicating there is still a risk of further pullback. The sustainability of the recovery depends on whether the RSI can rebound from the oversold zone and rise above 50.

Potential Risk: Pullback to $104,086

If Bitcoin fails to hold the support at $105,573, the pullback could extend to the 200-day EMA of $104,086.

Disclaimer: The content of this article is for informational purposes only and does not constitute investment advice. The cryptocurrency market is highly risky and volatile, and investment decisions should be made with caution. #BTC