Bitcoin Analysis



Since reaching a high of 2087, Bitcoin has surged and then pulled back. The rebound highs are gradually decreasing, facing double resistance from the MA7 and the upper band of the Bollinger Bands. Short-term moving averages are turning downward, indicating weakening bullish momentum. The key support level is at the psychological mark of 2000. If this level is broken, further declines are expected.

In the first quarter, Bitcoin's decline significantly lagged behind that of Ethereum, with weak rebound strength. Although there is medium-term optimism due to mainnet upgrades, ETF fund inflows remain sluggish. Large on-chain whales are only accumulating at low levels for speculative purposes, and short-term bullish momentum lacks sustained power.

Tonight, U.S. initial jobless claims data will be released. If the data exceeds expectations, it will reinforce the Fed's hawkish outlook, suppress the pace of rate cuts, and further negatively impact the crypto market, increasing Bitcoin's downside risk.

Trading suggestion: 2070-2090 range, with targets at 2000-1900.
BTC-0.6%
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