The pancake is currently still firmly suppressed below the $72K resistance level, with prices continuing to oscillate at a high range between $69K and $71.5K. The $72K level has been tested multiple times without success, while the $69K small support is temporarily holding. Trading volume is sluggish, with bulls and bears in a stalemate, and momentum is insufficient, presenting a typical accumulation pattern before a breakout.
Technically, it is at the upper edge of a rectangular oscillation or descending channel, with the RSI maintaining neutrality (around 50), and the MACD golden cross is weak. Volatility is extremely compressed—this calm often signals an impending directional explosion, and after a breakout, there may be significant space.
Fundamentally: Continuous inflows into ETFs and institutional accumulation provide support, but a strong dollar, high interest rate expectations, and geopolitical risks still suppress upward movement. In the short term, it is highly likely to continue oscillating between $69K and $72K. If it manages to stay above $72K with increased volume, it may quickly rise to test $74K-$76K or even higher; if it falls below $69K, it may retrace to strong support at $66K-$65K.
