Bitcoin Consolidation Gaining Momentum, Key Resistance Looming: Where Does the Short-Term Trend Go From Here?

Bitcoin has entered a volatile consolidation range after a sharp decline, and the price is currently fluctuating around $82,000-84,000, and the market is in a wait-and-see mood. The technical side shows that the short-term moving average is under pressure, the MACD momentum is repaired, and the flow of funds has not yet turned significantly. The key resistance level of $84,000 may determine the next direction, and a break may lead to a rebound, on the contrary, the market may retest the support level of $76,600.

After a sharp pullback, the Bitcoin market entered a consolidation phase. Bitcoin has fallen to a low of $76,606 since March and has since stabilized and recovered, but the overall trend is still constrained by technical resistance.

From a technical point of view, the market is still in the process of repairing, and the short-term trend is not yet clear.

Moving Average System: Short-term pressure, direction to be determined. Bitcoin is currently trading below its 10-day, 20-day, and 60-day moving averages, indicating that it is still under pressure in the short term. In particular, the MA60 ($83,940) has formed a strong resistance, and if it cannot be broken, the market may continue to fluctuate.

MACD momentum: Bears decay, but not yet long. The current DIF line (-314.29) is below the DEA line (-270.77), indicating that the trend has not turned long, but the bearish kinetic energy column is shortening, indicating a weakening of selling pressure.

RSI (Relative Strength Index): Neutral to weak. At the moment, the RSI is at 46.40, which is below 50, and the reversal trend has not yet been confirmed. If it breaks through 50 in the future, it may lead to a recovery in market sentiment.

Volume and large funds: The bulls have not yet returned on a large scale. Observing the VPVR trading area, it can be seen that there is a lot of historical trading pressure near $84,000, and the market still needs to break through this area in order to form a new round of upward momentum.

The core focus of the market is on the breakout of the $84,000 resistance.

If the price breaks through and holds at $84,000, the bulls could further challenge $86,500 or even $88,000 and enter a new uptrend.

If the market fails to break through this level for a long time, it may maintain a range of $82,000-84,000 or even retrace the $76,600 support area.

Marketing strategy

Given the current market movements, traders may want to consider the following strategies:

Range Operation: Sell high and buy low in the $82,000-$84,000 range, with a short-term stop loss below $81,500.

Trend Breakout Strategy: If the volume breaks through $84,000, you can consider going long with the trend with a target of $86,500 and a stop loss of $83,500.

Pullback risk prevention: A break below $82,000 could put the market to test support at $78,000 or even $76,600.

Conclusion: The market is still in the recovery phase, with a short-term focus on the $84,000 breakout.

On the whole, the market has entered a stage of technical consolidation after a sharp correction, and the short-term direction is still to be confirmed. Investors should pay close attention to changes in market volume, large capital flows and breakouts of key resistance levels to flexibly adjust their trading strategies.

Disclaimer: The above content is for informational purposes only and does not constitute investment advice.

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