Analyst: Bitcoin may pull back to $74,600, with the medium-term trend still leaning bullish

Cryptocurrency analyst Darkfost posted that there has been no substantial change in the technical assessment of Bitcoin. The fifth wave of the first wave has ended at the expected position, and the second wave adjustment may be coming next. This adjustment wave could drop to $74,600, corresponding to the usual 0.382 Fibonacci retracement level.

Currently, Bitcoin has fallen below the 21-period EMA and is at the support level of the 50-period EMA, which is viewed as a strong support. The 200-period EMA is around $75,800, still leaving some space from the current price. The RSI has returned to the neutral level of 50, but the gap with the 14-period SMA has widened. Darkfost believes this indicates that before the final C wave arrives, a corrective rebound in the B wave may occur first. He stated that there are currently no concerning signals, and the mid-term trend for Bitcoin remains positive.