Yesterday, Bitcoin quickly surged after dropping to around 91660, briefly falling below the range and returning to the range between 92000 and 94500. From a 4-hour perspective, after the MACD death cross here, it did not immediately pull back but instead went through a sideways fluctuation. There is a possibility of breaking below the previous high of 94696, reaching 95000, and then quickly retreating again.

On the daily level, there are 6 consecutive bullish candles. If there is another rise today, it will be 7 consecutive bullish candles, which increases the likelihood of a short-term reversal. On the weekly level, it is currently above the 20-week line at 92200, but it may not hold. If it does not stabilize above 92200 in the coming days and falls back below 92000, then Bitcoin will likely initiate a new wave of correction.

From a wave perspective on the weekly chart,

Wave A fell from 109000 to 74000 over 12 weeks, with a decline of 40000.

Wave B theoretically rises by 20000 or 24000, which is 0.5 times or 0.618 times of the previous drop, targeting between 94000 and 98000 based on the 74000 starting point.

There will also be a subsequent Wave C, which will test the 80000 area again.

According to wave theory as a reference, currently, chasing long positions around 94000 has a low cost-effectiveness ratio. For a mid-term buy on dips, it is better to wait for Bitcoin to fall back to around 80000 for a better opportunity. Additionally, there is a high probability that the Federal Reserve will cut interest rates again in June, so it is worth looking forward to a significant rally starting after the rate cut in June.

Summary:

1. Bitcoin is still in the range of 92000 to 94500, and there is not much upward space left.

2. If stopping losses on a short position here, set it at 95000.

3. Expect that Bitcoin will test the bottom once more, waiting for a subsequent period to test the bottom for a low buy at #币安Alpha上新 .