BTC surged to 94,000 before retreating, key resistance and short-term strategy analysis
$BTC quickly rose above 94,000 USD in the early morning today but failed to hold, currently retreating to the 93,000 USD area for consolidation. The price remains at the upper end of the high volatility range in the past week (approximately 87,000-94,000 USD), making the direction choice particularly crucial.
Current market structure interpretation:
· Bullish momentum: The rapid rise in the short term indicates that buying power still exists, with multiple supports formed around 87,000 USD in the past week, serving as the recent line of strength and weakness.
· Major resistance: The area from 94,000 USD to the previous high of 95,000 USD constitutes a strong resistance zone. Meanwhile, the broader range of 88,000-90,000 USD is also a key pressure area that the market has repeatedly tested.
· Market sentiment: The retreat when breaking through important round numbers shows that there is significant profit-taking or trapped pressure at this position, and the market needs time or new momentum to digest.
My operational thoughts:
The market is at a critical position, and my strategy leans towards caution:
1. Bullish scenario: If the price can attack again and stabilize above 94,500 USD, it would mean the resistance zone might be effectively broken, and I would consider shifting my thinking to a more aggressive stance, looking at the 96,000-98,000 USD area.
2. Bearish or consolidation scenario: If the price continues to be constrained below 94,000 USD and turns to break below the short-term support of 92,000 USD, it is very likely to return to the core volatility range of 88,000-90,000 USD. In this case, I would choose to wait and watch for better entry opportunities. $BTC
