$BTC 【$BTC Long and Short Game and On-chain Signals｜April 4】

BTC is currently priced at $84,200, with a 24-hour trading volume of $32 billion. Both bulls and bears are engaged in a fierce battle around key levels:

- **Technical Analysis**: A 'descending wedge' has formed on the daily chart, with RSI (44) neutral to weak. If the neckline at $85,500 is broken, a bullish pattern will be established, targeting $88,000; the strong support below at $83,000 may lead to a drop to the psychological level of $80,000 if breached.

- **On-chain Data**:

1. Addresses holding over 1,000 BTC have increased their holdings by 24,000 BTC in the past week, with an average cost of $83,500;

2. The open interest in futures has risen to $18.6 billion, with the funding rate remaining negative (-0.03%). Shorts dominate, but there is a risk of a short squeeze.