Target after the breakout of the triangular oscillation 📢

The Bitcoin (BTC) market is experiencing fluctuations again. After breaking through its range, where will it ultimately fall? This has many investors worried! Is it an unfathomable abyss, or will it rebound from the bottom?
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Looking back at the historical trends of Bitcoin, every time it has broken through a level of volatility, it has brought about significant market changes. There was once a time when after a breakout and subsequent volatility, the price of Bitcoin plummeted, causing substantial losses for many investors; however, there was also another occasion when, despite a seemingly large drop on the horizon, it suddenly rebounded from the bottom, initiating a new round of upward momentum. Now history is repeating itself once again, where will Bitcoin go this time?
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First, pay attention to key support levels. In the price trend of Bitcoin, there are some critical support price levels, such as the round numbers that have formed support multiple times before, like $93,500, $90,000, and $88,500/$85,000, etc. When the price falls close to these levels, it may receive support and experience a rebound.
Second, the supply and demand relationship in the market affects it. If during a downturn, the supply of Bitcoin in the market significantly increases, such as a large number of holders selling off, while demand remains relatively weak, then the price may continue to decline to lower levels. Conversely, if demand is strong, even after a breakdown and consolidation, it may limit the downside potential.
Third, macroeconomic environmental factors. The global macroeconomic situation has a significant impact on Bitcoin prices. If the economic situation is unstable, investors may be more inclined to hold cash or traditional safe-haven assets, leading to a decrease in Bitcoin demand and potentially further declines in price. For example, during periods of heightened expectations of economic recession, Bitcoin prices often face considerable pressure.
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Secretly speaking: The Relative Strength Index (RSI) in technical analysis indicators is an important tool for determining whether Bitcoin is overbought or oversold. When the RSI indicator falls below 30, the market is in an oversold state, and the price of Bitcoin might rebound at any time; conversely, when the RSI indicator is above 70, the market is in an overbought state, and the price may face a correction. Additionally, the trading volume of Bitcoin is also an important reference; if the trading volume continues to shrink during a decline, it may indicate that the downward momentum is weakening.
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