Market analysis thoughts for July 21!

Today, the intraday market for Bitcoin cannot be underestimated. The current price is fluctuating around $118,000, having previously surged past $123,000 to reach a historic high, but then began to pull back.

From a technical indicator perspective, the MACD shows a weakening of bullish momentum, and the KDJ is in the oversold area, indicating a need for a pullback. On the news front, the stablecoin bill in the United States has passed in the House of Representatives, and regulatory dynamics are under close attention. The previous gains were too large, accumulating a significant amount of profit-taking, leading to heavy selling pressure.

In operation, if the price stabilizes around 116,000 USD after a pullback, aggressive traders can take a small long position with a stop loss set below 115,000 USD and a target of 119,000 USD. If there is resistance at 119,000 USD during the rebound, one can take a small short position with a stop loss above 120,000 USD and a target of 117,000 USD. It is essential to note that the cryptocurrency market is highly volatile, so manage your position and risk carefully and operate cautiously #btc# .