Bitcoin is currently reported at 89,571.5, having retreated from a high of 90,441.9. It is currently consolidating in a narrow range above a low of 89,419.0, showing a contracting structure on the 4-hour level. The MACD bearish momentum has somewhat converged but has not yet turned bullish. The price has yet to break free from the recent consolidation range, presenting an overall balanced state between bulls and bears, waiting for a directional signal.
The current key support is located in the 89,400–89,500 range, where this position overlaps with the recent low and the lower Bollinger Band. If it stabilizes, it is expected to build a bottom. The initial resistance above is at the 90,000 round number; only after an effective breakthrough can a rebound be confirmed, looking towards the 90,400–90,600 area.
If the price pulls back to around 89,500 and finds support with a stabilization signal of a 4-hour bullish engulfing candle, one can attempt to go long with a light position, setting a stop loss below 89,200, targeting 90,200–90,400. If the price breaks out directly and stabilizes above 90,000, it can be seen as a signal of strength, and one can follow the trend to go long
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