On Wednesday, Bitcoin first fell and then rose, and finally closed at 39755. It fell back in early session on Thursday and is currently quoted at around 39,300. The current price spread of Bitcoin during the annualization period is 6.37%, down 3.11% from the previous day. The holdings of Bitcoin whales have reached a record high since April, and the number of Bitcoin entities has also reached a record high. JP Morgan Chase sells internally circulating Bitcoin funds to private bank customers. The Uruguayan Senator proposed a bill aimed at turning cryptocurrencies into legal tender.
From a technical perspective, the daily candles closed bullish and continued to fluctuate at a short-term high. The overall performance was still strong. H4 graph shows Bitcoin returning to the top of the previous head and shoulder pattern. Overall, prioritise Sell on the high position or Buy on the low position. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 38700.
Resistance：40000-40800-42600
Support：38700-37500-36300
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