From the daily chart perspective, Bitcoin hit a low near 56078 yesterday and then began to rebound. Looking at the Fibonacci retracement line, although the price fell below the 0.236 level of the upward phase on the daily chart yesterday, it closed above the 0.236 level and is approaching the 0.382 level. This indicates that in the short term, Bitcoin's daily chart is currently in a normal retracement phase.
From the chart, the daily chart level shows a large bullish candle with a low point at 54730 and a high point near 62745, confirming the short-term rebound trend. However, in the following days, the market did not rebound above the high point and was instead repeatedly resisted near 61858. Therefore, 61858 is the first resistance level on the daily chart level in the short term. Only if the daily chart level breaks through 61858 can it continue to move towards the recent high point. Conversely, as long as the daily chart level of Bitcoin does not fall below 54730, the bullish trend will continue on the daily chart level.
From the hourly chart perspective, Bitcoin started to decline from around 61800, then rebounded to 59850, and quickly fell to around 56078 before rebounding. Currently, the price of Bitcoin on the hourly chart level has risen above the 5 and 10-period moving average (MA) lines, and several indicators such as MACD have formed a golden cross, indicating a short-term market demand for a rebound. If the market continues to rebound, the next focus will be on whether the price successfully breaks through 59850. If it does, Bitcoin will likely move towards 61800 in the next stage.
Conversely, if the price of Bitcoin does not break through 59850 and forms a bearish candle below 59850 that falls below the 5 and 10-period MA lines, then the market will likely continue to test whether the support near 56606-57098 is effective. If this area is breached, Bitcoin will likely move towards a new intraday low.
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