On Thursday, there was a large net outflow from the #Bitcoin ETF, but the actual drop on the market was less than 4,000 points, clearly showing the market is getting stronger!
Continuing from yesterday's topic, looking at the #BTC market, the daily trend has clearly strengthened, and the pullback is only a short-term hourly-level risk.
However, attention is still needed: the 4-hour level pullback needs to test the long-short turnover around 80,000 again. On one hand, to see if the selling pressure is completely cleared in the short term; on the other hand, to observe the strength of the rebound buying orders.
From a technical perspective, after MA120 crossed below MA200, we need to see when it stabilizes and turns upward. In the short term, although the 80,000 support is effective, as the 4-hour MA120 continues to decline limiting the rebound space, the consolidation range keeps narrowing and macro pressure continues to weigh down, increasing the pressure on the 80,000 support.
Therefore, next we watch for consolidation: first, whether the 80,000 support holds; second, whether the 4-hour MA120 during the rebound will continue to obstruct the rebound. If MA120 keeps declining and the rebound cannot break through, the 80,000 support will be in jeopardy.
Once the price effectively breaks below 80,000, it will break the hourly-level consolidation pullback trend and enter a daily-level pullback trend. Of course, the long-term daily trend is still fine. Once the daily pullback ends, a new trend will begin, so the upcoming observation is very important! #ETF single-day outflow exceeds $600 million, can BTC price stabilize?
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
