Due to a series of concentrated news stimuli from the US-China contact negotiations, the recent passage of the Bitcoin Reserve Bill in New Hampshire, CZ, and SBF seeking a Trump pardon, BTB surged from 94,500 directly above 97,500 this morning, approaching last week's high of 97,895.

From a technical perspective, the lowest point of the BTB pullback last night at 93,377 did not break below last week's low of 92,800. The bullish momentum maintained overall strength after breaking the resistance level of 89,000 with a long bullish candlestick on April 22. This morning's rise extended the strong consolidation time period of the Bitcoin daily candlestick cycle.

The strong consolidation shape over the past two weeks appears to be an ascending triangle. The upper horizontal resistance is 97,895; the lower support is 92,800/93,377. This overall strong consolidation means that even if it stands above the upper resistance of 97,895, the future trend will still see fluctuations.

In the 4-hour candlestick cycle of BTB, the strong consolidation over the past two weeks has already established a clear support line, which is also the lower support line of the ascending triangle. Generally, such a support line in a 4-hour candlestick cycle tends to be broken, which indicates that at some point in the short-term future, BTB is likely to fall below the support levels of 93,377 and 92,800, breaking through the two-week support line and testing the platform support above 89,000 at 90,000.

There are still many variables in the US-China negotiations, which are factors affecting the market. Tomorrow morning, it is highly likely that the Federal Reserve meeting will not lower interest rates, and any rate cuts may be postponed until June, which the market has already priced in.

In the daily candlestick cycle of BTB, the 24-day moving average and the 120-day moving average resonate at 91,600, while the 288-day moving average is currently still at 81,800. The distance between the 120-day moving average and the 288-day moving average has not narrowed to 5,000, or within 5,000 to 3,000, indicating that the sustainability of Bitcoin's rise has significant uncertainties.

If Bitcoin's daily candlestick falls again to the middle of the range between the 120-day moving average and the 288-day moving average, it means that there is still a chance for a pullback to test 86,500. If it tests the 288-day moving average, Bitcoin may also pull back to 84,000 or lower. These opportunities can be considered as relatively high cost-performance entry opportunities in the future.

In trading, there is no need to feel anxious about the rise approaching 97,000 this morning due to news stimuli. Patiently wait for the above-mentioned relatively high cost-performance mid-term entry opportunities.