Bitcoin (BTC) has hit a resistance level at $110,000 (approximately 152.9 million won), with analysis suggesting that the recent localized upward trend is entering its final phase. John Bollinger, the creator of the prominent technical indicator 'Bollinger Bands', diagnosed through a recent X (formerly Twitter) post that the short-term Bitcoin rally has essentially ended.
Bollinger pointed out that after Bitcoin recorded a low of $75,000 (approximately 104.25 million won) in early April, it showed a typical technical upward pattern, but is now showing signs of breaking that trend. He analyzed the price rebound in three segments, emphasizing that Bitcoin formed a 'W-shaped double bottom' and reached the upper band three times.
This three-stage push structure is one of the patterns in Bollinger Bands theory that signals the end of a localized upward trend. The interpretation is that the failure to break the all-time high despite the third upward attempt proves that the upward momentum has weakened. Bollinger suggested that the three-stage push is confirmed and the short-term upward trend has ended.
Since June, Bitcoin's upward trend has been under pressure from various factors. With the Federal Reserve's interest rate freeze, persistent inflation, and continued macroeconomic uncertainty, investment sentiment has also somewhat contracted. Along with technical analysis, fundamental factors continue to create an uncertain flow, and the possibility of Bitcoin testing support levels again cannot be ruled out.
The market anticipates that future FOMC meetings, regulatory policy changes, and especially the US presidential election and Trump's policy direction could be variables in cryptocurrency regulation, suggesting that Bitcoin's price trend could still fluctuate.
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>
