Bitcoin Trend Analysis Today

Bitcoin is currently trading at 108,700, maintaining its downward trend. Technical indicators show that the price has fallen below both short-term and long-term moving averages, with trading volume significantly decreasing, indicating a lack of market momentum. Despite the emergence of a bullish engulfing pattern and oversold signals from the RSI, reversal signs are weak, failing to establish a bottom. Furthermore, the performance of the key support level of 102,000 will be a key indicator of short-term market stability. The daily chart has seen three consecutive days of negative closes, falling from 113,028 to 109,171, demonstrating a clear downward trend. In the short term, the 2-hour chart shows a bearish bias, with the 2-hour MACD maintaining a strong downward trend and the 2-hour EMA trending bearishly. A bearish continuation strategy remains unchanged.