Bitcoin Analysis on Saturday
The price of Bitcoin surged yesterday but has since fallen below the critical threshold of 90,000, reaching a low of around 88,000. The market shows a significant shift from strong to weak signals. In the short term, it is crucial to be aware of the continued risk of downward movement, with the effectiveness of previous support levels being a key focus: if it does not break, a wide range of fluctuations may be maintained, and a rebound could be triggered after the price tests support; if support is lost, a new round of downward probing will begin, so it is recommended to prepare for risk management.
From a technical perspective, the 2-hour chart shows a continuous bearish trend, with prices falling from around 92,700 to near 88,000, forming a clear descending channel. Although a long lower shadow was recorded last night, indicating short-term buying support, the current price is still under pressure from the 7-day (90,000) and 30-day (91,000) moving averages, limiting rebound momentum, and the weak fluctuation pattern remains unchanged in the short term.
Operational Suggestions:
Short Bitcoin on the rebound at 89,700-90,000, targeting 88,500-88,000. $BTC
