Let's talk about the upcoming trend ⚠️❗️❗️
From the perspective of the current larger cycle, Bitcoin faces resistance around $104,500 on the weekly chart, with the price starting its upward trend from $73,300. This is a key position on the upper edge of the upward trend line, and it has been moving north since then, with potential for further space. If it cannot break through $104,500, it will continue to undergo a correction.
After dropping from $110,000 to around $73,300, it has now rebounded. This major adjustment has been ongoing for several months, and with June approaching, the BTC bull is still lacking that final push. While optimism is warranted, it should not be excessive, so a small correction is definitely expected. Many people say that the market makers won't reverse to pick up passengers, but when they are reversing to pick up many, would you dare to get on board? At that time, will you feel that a real crash is about to come?
Based on this week's liquidation levels, we can see that the liquidation intensity for the bears is high around $100,000, while the liquidation intensity for the bulls is high around $73,300. Therefore, the upcoming trend can only go in two directions: either directly drop below $80,000 or break through to a new high above $110,000, continuing the final wave of upward movement. It feels like there will still be a trend of upward momentum, but the upper limit appears constrained.
Specifically, we need to see if it can effectively break through $105,000 next week, or if it will be pressured down to around $97,000, which would indicate that a real correction is coming. The key turning point will be next week. The best betting point for the bears is to rely on the area around $104,000-$104,500. If it breaks through, then run. Personally, I believe that when this wave of increase ends, there will be a significant correction.
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