Bitcoin's recent movement is interesting. The weekly chart has already broken through the downward trendline but got stuck at the 94,500 level. This week closed with a long upper shadow bearish candle, indicating that there are still sellers above. Essentially, it's still oscillating within a large rectangle; to have room for further upside, it must break and hold above the rectangle's upper boundary. If it pulls back, watch whether the upward trendline at 89,700 can hold.

The daily situation is more straightforward—an increase in volume with a large bearish candle directly broke through the middle of the channel, forming a Evening Star bearish pattern, which is significant. The most critical level now is the W bottom neckline at 90,700, which is the dividing line between bulls and bears. Once broken, the next support is at 89,500 (the middle band of the Bollinger Bands). If it falls further, the limit is around 87,000 (the lower channel boundary).

On the indicator side, both MACD and RSI have generated bullish crossovers, which sounds promising, but caution is needed as they may undergo a correction. Short-term traders should mainly focus on the 4-hour chart in the next couple of days, as opportunities are likely to emerge.

In terms of trading strategy, if the price retraces to around 90,377, 89,875, or 89,300, consider entering long positions. The initial target for the rebound is around 92,000.