Bitcoin Technical Quick Review

As of today, BTC price remains around 89,000. Yesterday’s plunge caused many to feel uneasy, with the lowest point touching 87,900 before signs of recovery appeared. On the 1-hour chart, a rebound trend can be seen, and the downward momentum is clearly weakening, but it’s still too early to say the bottom is in.

Let’s review the key levels first. The resistance levels are mainly at 89,700 and 91,300. The support levels depend on whether 87,000 and 85,000 can hold. The problem is that the 15-minute and longer-term charts have not yet established a clear bottom structure, which means it’s safer to continue observing in the short term.

What’s the outlook? Personally, I think it’s more likely that Bitcoin will push towards 100,000 before any correction, then possibly adjust afterward. Currently, the short-term trading strategy should be mainly bearish; if a top structure forms, consider shorting on rallies.

Specific five-minute chart trading advice: wait until the price stabilizes at around 88,500 before considering a long position, with a target of 89,700 to lock in profits. This approach is relatively safer.