Yesterday, Bitcoin surged to around 104,361, then slightly retreated, fluctuating around 103,000 with a 1,000-point range. Currently, there are signs of a new trading range forming on the 4-hour chart. It has risen nearly 10,000 points from around 93,700, and there is a need for short-term consolidation. According to the trading range theory, it is time to speculate. Of course, one can also trade ultra-short-term right now.

Looking at the 4-hour chart, Bitcoin is currently fluctuating at a high level, and the MACD has not yet formed a death cross, so no signs of a pullback can be seen in the short term. We will just have to be patient here.

On the daily chart, after a large bullish candle the day before, yesterday closed with a doji star. Currently, it is in a bullish trend icon, and the 20-day moving average has approached around 95,800. In the upcoming period, keep a close eye on the 20-day moving average, which has been rising. If it effectively breaks below the 20-day moving average in the next week or two, then the upward trend from 74,000 will end. Of course, the trend is still upward, and there are no signs of reversal yet, which is something to pay attention to.

Summary:

1. Bitcoin is forming a trading range on the 4-hour chart, expecting to establish a range between 101,000 and 104,000. There are no clear trading signals for the short term.

2. Bitcoin is currently in a bullish trend, and from the price action, there is still a possibility of challenging the historical high of 109,000.