BTC 4-Hour Analysis:

Despite the positive news of the Hong Kong ETF, the continuous sell-off of risk assets in the United States has led to a sustained decline in the price of Bitcoin. Currently, although Bitcoin is falling, it is said that the demand from large Bitcoin holders is greater than ever before, and they see this as a buying opportunity.

Therefore, the analyst will continue to maintain a bearish attitude towards a further decline to 61000, and will make corresponding adjustments after checking the range on the daily candlestick chart.

The first resistance on the 4-hour chart is at 63450, and the second resistance is at 64430. After the price breaks through the first resistance, we may see a short-term rebound, and attention should be paid to the second resistance and the possibility of a sideways trend. The downside space is open in the short term, and the previous support level needs to turn into a resistance level above, so a major positive news or an increase in trading volume is needed to break through.

The first support level for the day is at 62700, and the second support level is at 61800. If the first support level is broken, we may see a decline to 61000. In the short term, it is necessary to maintain above the first support level, and the second support level is the historical low point, where a rebound can be expected.

In today's trading, we will maintain a bearish attitude towards further decline. Therefore, it is expected to further decline, and to take advantage of favorable average prices when the decline stops for trading.

Short-term Pre-set Orders by the Analyst on April 16:

BTC:

Long position first entry reference: 61800, second entry reference: 62700, target: 63450-64000

Short position first entry reference: 63450, second entry reference: 64430, target: 62700-61800

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