Support is not enough, and often too much support serves as counter signal and vice versa.
Technical analysis works indeed, let's say 80 percent of the time.
For the exactly same reason as markets do.
Human nature and predictability based upon observing those patterns of human nature.
In a same time, everything is kind of going down except gold, and that is biggest sign that we are in times of deep economic, but also political and sociological crises.
Gold is in that sense the only true safe heaven.
Bitcoin could be safe heaven in a world where at least there is basic stability, not in this kind of the world where all of the foundations are threatened.

Adding to it in the USA it is still not clear how will crypto regulations turn out to be. Just recently you had again attack from TradFi towards Microstrategy, Teather and other big players.

https://forklog.com/en/jpmorgan-closes-accounts-of-strike-ceo-jack-mallers/

EU is sliding towards fascism, instability and third world environment (no I do not mean emigration altho that is also an issue, but because of systematic lack of energy and resources)
If I had lots of money I would also probably buy first some gold or silver.

Congrats on successful pool. Pretty soon I will start adding more to it.