Stimulated by tariff news, Bitcoin (BTC) surged to around $97,700 last night, leaving a long upper shadow on the four-hour K-line.
The chart shows that the previous low has reached the lower edge of the box support, and the rebound strength driven by favorable news exceeded expectations, but the upper shadow still reveals significant bearish pressure above.
From a funding perspective, since Bitcoin climbed from $75,000, the market's capital momentum is nearing exhaustion. Without a large influx of off-market funds or high-position chips exiting the market, it will be challenging to continue breaking through. If the main force forcibly pulls the market, it is no different from giving benefits to retail investors.
Therefore, the overall bearish view for the future remains unchanged.
There are two key support levels below:
First target level around $91,500,
Second target level around $88,500. Once it falls below the current range support, this level will turn into a strong resistance level.
