On Monday, Bitcoin experienced a thousand-point surge in the early session, followed by a quick retracement, indicating that the overall market trend is in a fluctuating upward pattern. It has been mentioned previously that the market has a bullish pattern, including last Friday's mention of an upward trend.

The current market is retracing and continuing to find a bottom, with the Bollinger Bands on the daily chart starting to converge upwards, and the bottom moving averages beginning to rise and support the coin price, indicating that a new round of upward movement is about to begin. Therefore, this round of retracement and bottom formation is a prelude to breaking the previous highs.

After the price moved bullish on the four-hour chart, it was unable to continue and then retraced, which simply means that it is in a consolidation phase. The next candlestick is very likely to continue bullish and break the highs, so still maintain a bullish outlook on the retracement.

It is recommended to look bullish in the intraday pullback in the 79600-79300 range, targeting 80500 and breaking through to the 82500 level. The price levels are for reference only.

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