Bitcoin price stabilizes at key support level - signal of rebound appears
Bitcoin price remains above the key support level of $58,500, and rebound signals are emerging
1. Market Overview:
- After a sharp sell-off, Bitcoin has stabilized above the key support level of $58,500. The previous round of rebound pushed it to $65,000.
- Data shows that Bitcoin "long-term holders" have significantly increased their positions recently, while short-term traders have taken profits. This may explain the sharp sell-off of Bitcoin when it approaches the resistance level.
- Technical analysis shows that Bitcoin is currently at a key support level, and the closing price trend will determine the future trend. Whether there will be a strong upward trend remains to be seen.
2. Opportunities and Risks:
- If Bitcoin closes above $58,500, it may indicate the resumption of a new round of rising patterns, with the next targets of $60,000 and $61,750.
- But if it falls below $58,500, it may test lower support levels such as $56,561 or even $55,000.
- The substantial increase in holdings by long-term holders shows that they remain confident in the prospects of Bitcoin, which may become an important factor supporting future price increases.
In general, Bitcoin is currently at a critical position and its short-term trend deserves close attention. Investors need to balance risk and return and operate with caution.
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