February 8, 2025, Pancake Analysis

Recently, Pancake has just broken through the 70,000 mark, and many people are starting to get excited again. Don't worry, Cheng Jingsheng will review with everyone and see how it might move in the next few days.

Regarding news, market sentiment has been quite enthusiastic lately, mainly because everyone is hoping for a Federal Reserve rate cut, believing that money will become cheaper, and funds will be more willing to flow into risk assets like Bitcoin. Plus, the anticipation of Bitcoin's halving event is still ongoing, and many large institutions are increasing their positions, which gives the bulls strong confidence. However, caution is advised—when prices rise too rapidly, even a slight disturbance, such as a sudden strengthening of the US dollar or the release of negative news, can trigger a wave of profit-taking and selling pressure.

Technically, from the chart, Bitcoin has just strongly broken through the previous consolidation range, reaching a high of $70,602, which is a very bullish signal. However, after such a large bullish candle, there is often a "braking" process, meaning a pullback to confirm support. In the short term, support levels are around $69,500. If it can hold steady there, it indicates that the bulls are still active, and there is potential for further upward movement. But if it suddenly drops below $68,400, caution is needed, as it may enter a period of consolidation and correction.

Operational advice: at this position, do not blindly chase the highs. Those with higher risk appetite can wait for a pullback to support levels, buy in batches at lower prices, and set stop-losses. Those with lower risk tolerance should wait and observe until the market stabilizes. Remember, make money from what you understand, and don't get carried away by short-term fluctuations. It is recommended to buy in batches around the $70,000–$69,200 range, with targets near $71,000–$71,900–$72,768.

The above is only personal advice and for reference only. It does not constitute investment advice. Please follow Cheng Jingsheng's strategic layout for specific actions!!$XAU ‌#XAU