Returning to the #Bitcoin chart, it actually corroborates the market data.
In terms of trend, #BTC broke through the 4-hour trendline yesterday, but unfortunately did not hold above it effectively, then quickly fell below it, and has not found effective short-term support. Clearly, market confidence is weak.
Currently, the price has returned to the 80,000–83,500 consolidation range. Next, it needs to continue maintaining this range-bound movement, waiting for a directional choice.
Optimistic scenario: a pullback tests the 80,000 support effectively, accumulating bullish momentum to attempt a breakthrough at 83,400.
A daily chart pullback means a valid break below 80,000, initiating a deep daily-level correction. At present, 73,000 is a daily-level turning point.
On the 4-hour chart, the MA120 crossing below the MA200 indicates short-term weakness, while on the daily chart, the MA120 gradually crossing above the MA200 indicates strengthening daily trend.
So the conclusion is very simple: the BTC daily trend is gradually strengthening, but the hourly level still carries the risk of weakening and correction.
Of course, I also mentioned earlier that after breaking the daily high on September 21, a new trend had already started. Next, we just wait for an effective pullback and consolidation; once the price rebounds again, the start of the new trend will be basically confirmed! #ETF buying continues to flow back, so why hasn't BTC strengthened yet?
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
