Bitcoin experienced a one-sided decline over the past day, primarily due to technical pullback. The Fed Chair maintained a neutral-to-hawkish tone, global assets experienced a sharp selloff, and risk-off sentiment intensified again.
A technical pullback after a significant rally is normal, especially since this wave of gains was driven by sentiment. Although the Fed Chair's rhetoric leaned hawkish, it wasn't forceful, with limited price volatility during the speech. The global asset selloff was mainly driven by gold and silver, as the early-year consecutive crash was sparked by the plunge in precious metals.
What's noteworthy is the "risk-off" factor. With ongoing Middle East tensions, market trends will inevitably be influenced. Despite the combination of four major headwinds, declines haven't exceeded 5,000 points, which speaks to Bitcoin's resilience. More importantly, it has held above the 70,000 level.
The rally at the beginning of the week developed from the 70,000 level, or more precisely from 69,000. Even if there's a retest, as long as the 69,000 support holds, it can be considered a normal pullback. After short-term consolidation, we can look for support to continue the bounce.
Following yesterday's bearish close pattern, the Asia-Europe session today will likely continue to retest 70,000. Therefore, we just need to wait for an opportunity to enter.
Support zone below: 69,500-70,000 Resistance above: 72,000-72,500
Bitcoin experienced a one-sided decline over the past day, primarily due to technical pullback. The Fed Chair maintained a neutral-to-hawkish tone, global assets experienced a sharp selloff, and risk-off sentiment intensified again.
A technical pullback after a significant rally is normal, especially since this wave of gains was driven by sentiment. Although the Fed Chair's rhetoric leaned hawkish, it wasn't forceful, with limited price volatility during the speech. The global asset selloff was mainly driven by gold and silver, as the early-year consecutive crash was sparked by the plunge in precious metals.
What's noteworthy is the "risk-off" factor. With ongoing Middle East tensions, market trends will inevitably be influenced. Despite the combination of four major headwinds, declines haven't exceeded 5,000 points, which speaks to Bitcoin's resilience. More importantly, it has held above the 70,000 level.
The rally at the beginning of the week developed from the 70,000 level, or more precisely from 69,000. Even if there's a retest, as long as the 69,000 support holds, it can be considered a normal pullback. After short-term consolidation, we can look for support to continue the bounce.
Following yesterday's bearish close pattern, the Asia-Europe session today will likely continue to retest 70,000. Therefore, we just need to wait for an opportunity to enter.
Support zone below: 69,500-70,000
Resistance above: 72,000-72,500
$BTC