Recently, the Bitcoin market has shown a complex situation. From a technical perspective, although the price movement is showing an upward trend, the Trading Volume has shrunk, creating a typical divergence between price and volume, which may pose a potential threat to future rise momentum.



The moving average system currently shows a bullish arrangement, reflecting an overall optimistic market atmosphere. At the same time, a bullish engulfing pattern has emerged, which may drive a rebound in the short term.

However, whether the market can break through the key level of $119,800 will determine the future price movement. If it successfully breaks through, the upward momentum will be further confirmed; conversely, it may face the risk of a pullback.

Overall, although Bitcoin initially shows an upward trend, the shrinking trading volume is concerning. The key to future price movement lies in whether it can break through the strong resistance level.

Currently, the Bitcoin price is hovering around 119500-120000 USD, with a gap near 120500 USD that needs to be filled. If a pullback occurs, it may dip into the 118500-117300 USD range. Investors should closely monitor the performance of these key price levels to grasp market trends.
BTC-2.26%
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