Bitcoin just broke 98,000, wiping out a large number of stop losses above. Will the price continue to rise? Or is it a trap? In the short to medium term, I am more inclined to enter long after Bitcoin breaks 100,000.

Good morning everyone, I am Ou Peng. Today is May 8 at 08:40, and the price of Bitcoin is fluctuating around 97000, forming a relatively clear range of oscillation.

The daily level shows a continuous upward trend for several days, but the highs have not broken through the previous high of 97732, indicating some pressure.

From the technical indicator MACD perspective, the 4-hour MACD is in the positive zone, and the fast and slow lines are continuously diverging upwards, indicating strong bullish momentum in the short term. However, note that the current histogram is starting to shorten, which may indicate weakening momentum.

The RSI14 is around 60, dropping towards 50, which suggests a risk of market correction. If it continues to maintain a high level, it may enter a stronger trending market.