Bitcoin launched a fierce counterattack last night on April 22, surging sharply from a 24-hour low of 76133 to a brief peak of 79415 USD early this morning on April 23, reaching a high not seen in nearly two weeks. As of the time of writing, the Bitcoin price is 77260 USD, with a daily drop of 1.14%. Ethereum followed suit, rebounding from a low of 2313 USD to a high of 2424 USD, and as of the time of writing, the price is 2309 USD, with a daily drop of 2.66%.

　　Bitcoin Four-Hour Chart

　　I am Xinghe Huicai. To put it simply: From the four-hour chart perspective, the market has entered a short-term correction rhythm, but the overall trend has not deteriorated.

　　Let's first look at some key technical indicators.

　　First is the Fibonacci retracement. This wave of market moved up from 70455 to 79415 and then the price pulled back. Currently, the price has just retraced to the 0.236 level, which is around 77300, serving as the first key support. If the price can hold 77300, it indicates a strong consolidation; if it breaks below this, the next target will be near the 0.382 level, around 75990. We are at a crucial juncture for direction selection.

　　Next, let's look at the Bollinger Bands indicator. Previously, the price had been strongly climbing along the upper band, and now it has dropped back inside the channel. Currently, the middle band has moved up to around 77000. This is a normal cooling phase after a strong rise and cannot yet be considered a trend reversal towards bearishness.

　　Next, analyzing the MACD indicator. It can be seen that both the DIF and DEA lines are still above the zero axis, but the red momentum bars are continuously shortening. This indicates that the upward momentum is weakening, and some capital is starting to take profits. This signal suggests a bias towards adjustment in the short term, but the overall upward trend has not reversed.

　　Finally, the KDJ indicator. Currently, the K-line has crossed below the D line, forming a death cross, and the J value has also quickly dropped to a low position. This indicates there is still a demand for inertia in the market to dive down in the short term, and focus needs to be placed on the strength of the support below.

　　In summary of the above analysis, Xinghe Huicai concludes: The current trend is a technical pullback after an increase, with a pattern of short-term short and long-term long.

　　For the upcoming market, we mainly consider two possible paths. The first trend, which is more likely, is that the price finds support near 77300 and stops falling, then transitions into sideways consolidation, building strength before starting to rise again and challenging the 78500 to 79400 area. The second trend, however, is that the price effectively breaks below the 77300 support and then retraces down to around 76000 (the Fibonacci 0.382 level), seeking support and stabilizing there, before organizing another rebound.

　　Key positions need to be remembered. Short-term support is at 77300, with stronger support at 76000. The watershed for the trend is at 74900; if it breaks below this level, a shift in thinking is necessary. Short-term resistance above is at 78500, and strong resistance is near the previous high around 79400.

　　Based on the current judgment, my operational thinking is as follows: First, do not chase short positions but patiently wait for the price's performance near the support level. If the price stabilizes at 77300, consider attempting to go long. If the price further drops to 76000, observe whether there is a second entry opportunity. However, if the price breaks below the critical boundary point of 74900, then a defensive mindset must be adopted, and a reassessment of the market is required.

　　In summary, the current market can be encapsulated in one sentence: Pullbacks occurring in an upward trend often present opportunities; while rebounds occurring in a downward trend are more likely to be traps. Currently, Bitcoin's movement resembles the former.

　　Xinghe focuses on cryptocurrency market analysis and cash, and contract trading, respects the market, makes rational decisions, and adheres to strict, objective, and compliant professional standards, aiming to create long-term value with professional capabilities!

　　(Article by/Xinghe Huicai) 2026-04-23 18:10

　　Disclaimer: Online publication may have delays; the above suggestions are for reference only. Investment carries risks; proceed with caution!

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