Bitcoin Trend Analysis Today

Bitcoin, currently priced at 117,300, has bottomed out and is recovering from a low, with technical indicators suggesting potential for a rebound. While the moving averages are showing a bearish alignment, signaling an overall bearish trend, the bullish engulfing candlestick pattern and oversold RSI support a rebound. Furthermore, the price is approaching strong support at 120,800, further reinforcing the view that downside potential is limited. However, the extreme decline in trading volume is also limiting the rebound’s strength, suggesting a lack of market momentum. Shorting is recommended at the strong resistance level of 120,000. Strong support at 115,000 provides a foundation for a rebound, so adopt a buy-low strategy to capture short-term rebounds and enter long positions again.