11.16 Afternoon BTC Market Depth Analysis

The current price of BTC is oscillating around the 96000 mark, with the momentum to break through the key resistance area of 97000 continuously diminishing. After multiple attempts, it has failed to effectively break through, showing a significant weak trend. From a technical perspective, the 4-hour moving average system presents a complete bearish arrangement, and the RSI indicator has been running below 40 for a long time, with rebound momentum continuously lacking, and there is a lack of effective upward momentum support, indicating a clear short-term weak pattern.

On the fundamental side, Grayscale's GBTC holdings continue to see outflows, coupled with recent hawkish statements from Federal Reserve officials that suppress interest rate cut expectations. Market risk appetite has been significantly restrained, with an increase in risk-averse sentiment, leading to an overall cautious mood. Under the resonance of multiple factors, the short-term downward pressure on BTC has intensified.

Operation Suggestions

It is recommended to selectively set up short positions in the range of 96000-97000, with a short-term target initially looking at the range of 95000-94000; if this support level is effectively broken, one can look down towards the vicinity of 93000. During operations, it is necessary to strictly control positions, set reasonable stop losses, and guard against sudden market volatility risks.
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