Based on the current market situation, Bitcoin has successfully stabilized above the key zone of 78,500-79,000 after forming a W-shaped bottom in the early session, demonstrating the resilience of the bulls. On the 4-hour chart, after approaching around 77,800, the price continuously formed lower shadows, indicating strong buying support in that area. Additionally, the short-term moving averages are gradually turning upward, and the MACD momentum bars are narrowing and turning green near the zero line, suggesting that the downward momentum is weakening.
It is worth noting that if the 79,000 le
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