Bitcoin is experiencing a downward correction, with an early rally to 91,000 facing resistance and pulling back. It repeatedly lost support levels and broke below the 90,000 mark. Ethereum and Bitcoin are highly correlated, both declining from 3150 to 3100, showing weak momentum throughout.
On the daily chart, the downtrend is clear. After a weak rebound earlier, the trend shifted to steady decline, with moving averages exerting simultaneous resistance, indicating a strong continuation of the bearish trend. On the four-hour chart, prices are constrained by the lower boundary of the channel, with a unilateral weak decline. The key support at 92,155 was broken, confirming the downtrend. The current short-term rebound is merely a pressure relief rally. Coupled with ETF fund outflows and rising risk aversion, early trading focuses on rebound-based short positions.
Bitcoin Trading Suggestion: Short around 91,100-91,700, with a target near 90,000-89,000.
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1. Bitcoin Market Analysis:
Bitcoin is experiencing a downward correction, with an early rally to 91,000 facing resistance and pulling back. It repeatedly lost support levels and broke below the 90,000 mark. Ethereum and Bitcoin are highly correlated, both declining from 3150 to 3100, showing weak momentum throughout.
On the daily chart, the downtrend is clear. After a weak rebound earlier, the trend shifted to steady decline, with moving averages exerting simultaneous resistance, indicating a strong continuation of the bearish trend. On the four-hour chart, prices are constrained by the lower boundary of the channel, with a unilateral weak decline. The key support at 92,155 was broken, confirming the downtrend. The current short-term rebound is merely a pressure relief rally. Coupled with ETF fund outflows and rising risk aversion, early trading focuses on rebound-based short positions.
Bitcoin Trading Suggestion: Short around 91,100-91,700, with a target near 90,000-89,000.
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