The performance of Bitcoin in the past couple of days is indeed worth pondering. From the short positions around 88000 and 2980, if no clear reversal signals are seen, it’s still worth sticking to the bearish approach. But the market is ever-changing; once the upward momentum seems to be settled, and the psychological level of 100000 is not far away, then buying on dips might be a smarter choice.

Interestingly, yesterday’s market movement was somewhat abnormal. Historical data shows that rate hikes often trigger sharp declines, yet yesterday we saw a long upper shadow bullish candle close — this reminds us not to rely too heavily on historical patterns, as the market always writes new scripts.

From a technical perspective, the KDJ indicator’s three lines are converging to form a golden cross upward, which sounds optimistic, but the price just can’t go higher. The MACD is also shrinking in volume, indicating a divergence between the indicator and reality. Without volume support, even good-looking indicators are just traps for false signals. In this situation, chasing highs at high levels and chasing lows at low levels are both prone to repeated shakeouts.

On the hourly chart, the two highs at 89500 and 90300 are still there; whether they break or hold will determine the next direction. Currently, the market needs more time and patience to digest the information. Weekend trading usually moves a bit slower, and the biggest mistake at this time is impatience. Either wait for a low-buying opportunity or stick to a bearish view, but patience is essential.