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This Tuesday, the Crypto Assets market experienced some noteworthy changes. The Bitcoin price movement presented an interesting pattern, rising early in the session before quickly retreating, forming an inverted V shape. This trend undoubtedly caused some concern for bullish investors.
The price failed to break through the new high and fell back to around $118,000, then rebounded to near $119,000, oscillating within that range.
From a technical perspective, the MACD indicator on the hourly chart shows some interesting signals. The MACD histogram is gradually shortening, and the two lines are almost touching each other below the zero axis. It is worth noting that around $117,950, the price seems to have found some support, the downtrend has slowed, and there are signs of stability.
Considering these factors, market participants may need to closely follow the upcoming strength of the rebound. If a rebound does occur, the range of $119,900 to $120,800 may become a potential resistance area. On the other hand, if the price fails to break through this range, it may retreat to the support area of $118,000 to $117,000.
However, the market is always full of uncertainty, and investors should act cautiously and manage risks. Closely following market trends and flexibly adjusting strategies may be the wisest approach at present. In any case, it is essential to conduct thorough research and analysis before making any investment decision.