The current market logic for #Bitcoin remains largely unchanged, still revolving around two consolidation ranges.
The first range is the bottom formed on November 4, with resistance seen at 107,300. This is a consolidation and base-building range; as long as prices do not break new lows, fluctuations during this period can be temporarily disregarded.
The second range, after breaking through 107,300 up to 111,300, represents a turning point where a reversal may occur. If the price breaks and stabilizes above 111,300, it can be considered a phase reversal, with an accelerated bullish outlook.
The current short-term breakout resistance levels are 103,200 and 103,800. A successful breakout and stabilization on the hourly chart would indicate a strong upward trend with accelerating rebounds. If the breakout fails, the price will remain in a low-range consolidation, with the November 4 low serving as the ultimate defensive position.
Consolidation markets are the most grueling, but as long as new lows are not breached, the longer the range-bound movement persists, the more favorable it becomes for subsequent rebounds or accelerated upward movements. Enduring this grueling phase will ultimately lead to victory.
Many investors have already lost patience amid the volatility. It can only be said that they had it too good before, having not experienced a real bear market. The most grueling periods are those with long-term daily fluctuations below 1,000 points, accompanied by low trading volumes. Currently, however, price fluctuations remain significant and trading volume is still active.
Looking back at the period before the latest all-time high, prices underwent at least two weeks of consolidation after establishing a bottom, whereas this time only one week has passed. So, don’t rush. If you want to reap rewards, you must first learn to exercise more patience!