0221 Bitcoin Technical Analysis Daily

The current price structure of the BTC seems to be completely determined by the state of Spot ETF fund inflows, so the side is also reflected in the consolidation in this context, due to the instability of outflows.

RSI indicates that Bitcoin is currently overbought, and if the momentum indicator falls below the 70 level, it indicates that the downside opportunity is ripe, thus triggering a sell-off panic, in short, AO also indicates that the current price structure of shorts has some weight. Then relatively speaking, the price has slipped to the Medium Term value to test the support bullish signal ($46,000), and the closing below confirms the bearish formation and persistence.
Conversely, if the Long continue to maintain the current level of buying power, the price of Bitcoin may break through the pressure of the upward channel and complete $55,000, laying the foundation for a subsequent rise of $60,000, a 16% increase from the current level.