Technical analysis by hgyghgyg about Symbol BTC: Buy recommendation (2/8/2025)

Pullback is normal, but the trend is still upwardBitcoin is currently consolidating at a high level, mainly affected by the following factors:• ETF fund flow: Although the inflow of funds from Bitcoin spot ETFs has a supporting role, it may not be able to continue to push prices up significantly in the short term.• Fed policy: The market is still observing the timing of the Fed's interest rate cut. If interest rates remain high for a long time, Bitcoin may be under pressure in the short term.• Institutional behavior: Some large funds have taken profits at high levels, and the market needs new buying to take over.My opinion is that short-term pullbacks are normal and should not be interpreted as a trend reversal. As long as Bitcoin can stabilize in the 90K-92K range, it still has the possibility of continuing to hit new highs.The bull market is not over yet, but the pace will slow downFrom a cyclical perspective, Bitcoin is still in a bull market, but the pace will not be as rapid as in 2020-2021. The reasons include:• Expected supply halving (April 2024): Historically, each time Bitcoin halved, it would experience a bull market, but the rising rhythm is usually first oscillating and then breaking out.• Institutionalization trend: After institutional investors enter, market volatility may decrease, but the trend is more persistent.• Global macroeconomics: If expectations of recession intensify, the market may turn to more conservative assets, which is unfavorable for Bitcoin in the short term.Trading advice: Buy on dips, don't chase up• Short-term: Wait for a pullback to around 90K-92K to buy, observe the support strength, if it stabilizes, you can short-term layout; if it falls below 90K, you can cover your position.• Medium-term: If it breaks through 100K and stabilizes, the trend will re-accelerate, and you can follow the trend.Summary of viewsThere is a risk of a pullback in the short term, but the bull market is not over yet. Bitcoin's trend may be more volatile, don't chase high, and wait for better buying opportunities.