Reviewing last night's market performance, Bitcoin started to pull back from the round number of 92200, briefly breaking below the key support level of 90000 during the session, reaching a low of around 89500 USD. It then quickly showed a strong rebound and regained the 90000 level. This price action forms a typical 'short-squeeze' pattern; after breaking through the core psychological support level of the market, it did not trigger panic selling, but rather was quickly absorbed by capital, confirming the lack of effective momentum support below. The main funds used this kind of movement to clean up floating chips, further consolidating the position structure. Intraday, Yang Jie placed four orders: three for Bitcoin and one for Ethereum, first entering short positions for Bitcoin and Ethereum at 90867 and 3116 respectively, exiting at 89049 and 3038, and then re-entering Bitcoin positions at 91929 and 91279 in the evening, exiting at 90780 and 89681. The three Bitcoin orders collectively gained 4550 points, while the Ethereum short order gained 78 points.
From a technical analysis perspective, the 89500 area has been confirmed as the key bottom for this round of adjustment, establishing a solid bullish defense zone. Accompanied by a rapid V-shape rebound, it indicates strong willingness for external capital to accumulate at lower levels, with significant buying support. After effectively recovering and stabilizing above the round number of 90000 USD, the previous downward structure has been completely repaired, and the market's short-term technical pattern has shifted from weak to strong, which builds new momentum for further price increases. Overall, the medium-term trend is still dominated by the bulls. If the price can maintain stability above the support range of 89500-90000, the rebound is expected to continue. Attention should be focused on the resistance zones of the previous highs at 91500-92200 above. If volume and price cooperate to break through, there is potential for further upward movement.
Bitcoin: Long positions in the range of 89000-89500, target focus on 92000.
Ethereum: Long positions in the range of 3070-3100, target focus on 3200.
