The price of Bitcoin has fallen under pressure from the 92500 level, dipping to the 89500 area before entering a phase of horizontal consolidation. Ethereum's trend remains in sync with Bitcoin, continuing to decline from a high point of 3254 to a low point of 3041 before stabilizing. During the midnight period, one could consider positioning long orders based on the low-level retracement.
After the U.S. stock market opened in the evening, it continued the trend of opening high and falling low, which dragged the cryptocurrency market down simultaneously. Approaching midnight, Bitcoin began a sustained decline from around 92500, entering a consolidation phase after touching 89500. From a technical perspective, the 4-hour K-line has shown a significant bearish candle during the early morning hours, with both MACD and KDJ indicators displaying a bearish divergence pattern, while the coin price has formed a noticeable divergence gap with the MA5 moving average; the hourly structure indicates that the current downward momentum has not been fully released, and the short-term adjustment trend remains unchanged.
During the early morning period, it is essential to focus on the effectiveness of the defense of the support range between 89300-87600; if the coin price cannot effectively break through the key support level within this range, Bitcoin still has the potential for a phase rebound, but the expected rebound high will gradually decline, with upper resistance focusing on the 91300-92000 range. Overall, the market during the early morning is characterized by range fluctuations, and the operational strategy suggests prioritizing a short position at the rebound high, supplemented by cautious low-long operations, focusing on short-term swing opportunities.
