The master said about the coin: Bitcoin at 71,000 challenges the 63,000 mark, whether it will reverse remains to be seen

Bitcoin dipped to a low of $60,055 last Saturday and has been fluctuating narrowly around the $61,000 level. However, since breaking through $62,000 at six o'clock this morning (the 1st), it has continued to rise, reaching a peak of around $63,800. As of the time of writing, it has retreated to $62,794, with a 24-hour increase of 3.84%. Last Saturday (the 29th), the expert provided a long position near $60,700, successfully securing a profit of 1,300 points at $62,000.
Although it's the first day of July, Bitcoin has shown a long-awaited increase. However, whether it has reversed the trend still requires time to observe. The expert has organized several key points of focus that may bring volatility to the market this week.
On Wednesday evening, the Federal Reserve will release the minutes of the June Federal Open Market Committee meeting, which will allow for further analysis of officials' attitudes. However, most officials' attitudes have clearly leaned towards conservatism in recent months, so significant volatility is not expected.
On Friday evening, U.S. time, non-farm payroll data will be released. Economists expect the unemployment rate to remain at 4%, with average hourly earnings expected to grow by 3.9% compared to June last year, marking the smallest annual increase in three years.
Bitcoin 4-hour chart
First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the price is currently fluctuating between the middle and upper bands. The upper and lower bands serve as resistance and support levels, respectively. The current price is close to the middle band, indicating that the market may experience consolidation or a slight pullback in the short term. If the price breaks through the upper band and continues to rise, there may be further upward potential; if it falls below the middle band, it may approach the lower band.
Second, based on the KDJ indicator on the 4H Bitcoin chart, both the K-line and D-line values are above 70, indicating an overbought state. The J-line value is currently around 80 but shows signs of starting to decline. This suggests that the market may be in an overbought state, and there could be pullback pressure in the short term.
Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line and DEA line are operating above the zero axis, and the DIF line has just crossed below the DEA line, forming a death cross, which is a bearish signal indicating that the market may experience a pullback. The MACD red histogram is gradually shortening, which also supports the view that a pullback may occur in the short term.
Bitcoin 1-hour chart
First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the price has just retreated from the upper band to near the middle band. The current price is fluctuating slightly above the middle band, indicating that the market may be in an adjustment phase in the short term. If the price can maintain above the middle band and rise again, it may test the resistance of the upper band; if it falls below the middle band, it may further test the support of the lower band.
Second, based on the KDJ indicator on the 1H Bitcoin chart, both the K-line and D-line values are below 30, indicating that the market is currently in an oversold state, which may present a rebound opportunity. However, it is important to note that the J-line value has started to rebound upwards, and the K-line and D-line values show signs of forming a golden cross, which is a buy signal, suggesting that there may be a certain rebound in the short term.
Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are still operating above the zero axis, but the DIF line has crossed below the DEA line, forming a death cross, which is a bearish signal. Additionally, the MACD green histogram is gradually increasing, indicating that the downward momentum remains strong.
Comprehensive analysis: The current 4-hour chart of Bitcoin shows signs of a potential pullback in the short term. The price is fluctuating near the middle band of the Bollinger Bands, the KDJ indicator shows overbought conditions, and the MACD indicator has formed a death cross with a shortening histogram. These signals collectively point to potential short-term pullback pressure in the market. The current 1-hour chart of Bitcoin indicates that the market may be in a consolidation or slight rebound phase in the short term. The Bollinger Bands indicator shows the price fluctuating near the middle band, the KDJ indicator indicates oversold conditions with signs of a golden cross, and the MACD indicator has formed a death cross with a gradually increasing green histogram, suggesting a slight rebound before continuing to decline.
In summary, the expert provides the following suggestions for reference:
Short Bitcoin near $63,200, targeting $62,200-$61,650, with a stop loss at $63,700.

Time of writing: (2024-07-01, 22:00)