The daily chart of Bitcoin showed a large volume and a big bullish candlestick, touching the resistance level above and then pulling back slightly. It almost recovered all the losses from the previous three days, accompanied by the return of bullish momentum, indicating the dominance of the bulls. However, the overall situation has not yet broken free from the consolidation range, and the future direction is still not clear.

As expected, the medium-term price trend completed a turning point above 57,000, initiating an upward trend and breaking through the previous high. However, it formed a top-swallowing pattern at the previous resistance level, so caution is needed for a potential intraday price decline.

The short-term rally exceeded expectations but still maintained a volatile rhythm. It is believed that in the absence of a clear long-term trend, the smaller timeframes will continue to fluctuate. Currently, the previous upward trend is being disrupted, and we need to wait for a sufficient period of consolidation and adjustment.

Strategy: Wait and see

Approach: Long on dips, short on highs

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