On Sunday evening, the price of Bitcoin fell below the support line of 78258---81500, indicating a downward choice in the short-term direction within a large triangle pattern, with the technical trading range shifting downwards. The current trading range formed is 84123---76600. The first rebound after breaking the 78258---81500 support line was blocked at 84123 (which is below the downward breakout point of 85000). Unless there is significant positive news for the U.S. stock market, such as a decline in the U.S. stock market forcing the Federal Reserve to raise aggressive rate cut expectations, leading to a rebound in the U.S. stock market, Bitcoin is likely to face resistance at the 84000 level in the short term. If the market continues to develop without a stop in the U.S. stock market decline, Bitcoin will likely see a second dip in the 84123---76600 range, with the nearest support level being the lowest point of 79058 from last night; short-term support is at 76600 (the lowest point from yesterday morning); if the lowest point of 76600 is lost, the next support reference is 73800 (the starting point of the new high rise last October).

This time, Bitcoin's pullback (daily K-line cycle) has touched the long-term upward 288-day moving average. Looking back at the past two years, every time it touches the long-term upward moving average (with a 288 parameter), the mid-term adjustment has basically bottomed out, followed by a significant rebound or aggressive rise. Additionally, the CME Bitcoin futures have completely filled the gap from Trump's election victory, and the price has adjusted to just above the highest point of 73777 from the first half of last year. In the short term, when CME opened yesterday morning, a gap of 85500---84000 was left above, indicating that the gap range will soon be filled. Currently, it is a highly cost-effective long position for the mid-term. The spot price is estimated to have a 20% upside potential, and it is very likely to rebound to the 84000--85500 range in the short term. If Bitcoin drops again in the evening, consider going long with 2x leverage.

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