1.7 Evening Analysis

In the 1-hour chart of Bitcoin, the price quickly dropped from the high of 94415.4, touching a low of 91549.9, a decline of 1.83% from the high, with a net capital outflow of 350 million USD. From a technical perspective, the MA7 and MA30 form a bearish alignment, and the price continues to operate below the moving averages. Although the KDJ indicator shows signs of turning at low levels, the K and D values remain in the weak zone below 30. Trading volume has significantly expanded during the decline and shrunk noticeably during rebounds, indicating that the selling pressure far exceeds the buying support. Coupled with the upcoming release of US December ADP employment and ISM Non-Manufacturing PMI data tonight, market risk aversion sentiment is rising. It is expected that Bitcoin will find it difficult to reverse the short-term downtrend. The key support level to watch is the previous low of 91209.0. If broken, the price may further decline to the 90000 integer level.

Trading suggestion: 92500-93000 range, target 90800-91000.