After maintaining a weak balance within a small consolidation range over the weekend, Bitcoin saw a concentrated bearish move in last night's late session, with the price quickly plunging alongside increased trading volume, hitting a low of $87,670. However, just as market panic was spreading, timely inflows of external funds changed the market's direction. From the chart, after forming clear support near $87,670, buying power continued to push the price up rapidly, resulting in a textbook V-shaped reversal, with the price climbing as high as $91,720 during the early morning hours. After this surge, profit-taking pressure emerged, causing the price to fall back from $91,720 to around $89,000, before stabilizing and rebounding again. Currently, Bitcoin is fluctuating around the key $90,000 level. From a technical perspective, the $90,000 level is not only an important psychological support but also lies within the critical support range of $88,000-$90,000, with the $89,000 level becoming the short-term dividing line between strength and weakness. Going forward, closely monitor trading volume to seize opportunities for trend-following trades.
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After maintaining a weak balance within a small consolidation range over the weekend, Bitcoin saw a concentrated bearish move in last night's late session, with the price quickly plunging alongside increased trading volume, hitting a low of $87,670. However, just as market panic was spreading, timely inflows of external funds changed the market's direction. From the chart, after forming clear support near $87,670, buying power continued to push the price up rapidly, resulting in a textbook V-shaped reversal, with the price climbing as high as $91,720 during the early morning hours. After this surge, profit-taking pressure emerged, causing the price to fall back from $91,720 to around $89,000, before stabilizing and rebounding again. Currently, Bitcoin is fluctuating around the key $90,000 level. From a technical perspective, the $90,000 level is not only an important psychological support but also lies within the critical support range of $88,000-$90,000, with the $89,000 level becoming the short-term dividing line between strength and weakness. Going forward, closely monitor trading volume to seize opportunities for trend-following trades.