Bitcoin has recently attempted to rise again, but has encountered resistance near $89,250. The current price is oscillating below $89,000, with a possibility of a short-term decline.

Previously, Bitcoin began to rebound after breaking through $86,800, and the current price has risen above $87,000, above the short-term moving average, indicating that bullish momentum is still at play. Technically, Bitcoin has formed an ascending channel on the hourly chart, with support around $87,650. If the price drops to this level, there is usually buying support to prevent further decline.

If Bitcoin can stabilize above $89,500, the bulls may regain control, and the price is expected to continue rising. However, if it fails to hold this level, this rebound may only be a short-term recovery, and the market still needs to be observed.

Overall, Bitcoin is currently at a critical position, with opportunities for short-term gains but also facing certain retracement risks. Investors should pay attention to the changes in support and resistance levels, cautiously seize trading opportunities, be mindful of risks in short-term trading, while medium to long-term investors can focus on whether the overall trend is steadily recovering.