Recently, the price fluctuations of Bitcoin have attracted widespread attention. Will the price point of $92,000 become a support level for Bitcoin? If it cannot hold, will it continue to drop to lower levels? In this uncertain market, is now the right time to bottom-fish? These questions have drawn the attention of many investors. Today, we will conduct an in-depth analysis of this topic.

Current Bitcoin Market Analysis

Last Week's Market Review: Key Level of $92,000

Based on our previous analysis, the $98,000-$99,000 area failed to break through, and the market experienced downward pressure. Last Saturday, we predicted that if this area could not be breached, a second round of decline might occur. This prediction has been largely validated, with prices declining and breaking through that area. In the subsequent operations, we timely executed wave bottom-fishing and sold at higher levels, helping our partners avoid risks.

Bitcoin Technical Analysis: Breakthrough of Upward Trend, Increased Pressure for Second Decline

From a technical perspective, Bitcoin's weekly chart has broken below the upward trend line, indicating market weakness. The daily chart trend is also not optimistic, as recent candlestick patterns show a downward trend. Despite some long lower shadows, it is difficult to form effective support in the short term, and the market may continue to adjust downward.

Can $92,000 hold?

According to our predictions, if $92,000 cannot gain effective support, the next target may drop to $85,000. This level is not only a critical support level but also the 50% retracement of the Fibonacci. Thus, $85,000 becomes an important technical support area. If $92,000 cannot hold, $85,000 is likely to be the support for the next rebound.

Impact of Macroeconomic Factors on Bitcoin

US Christmas and US Stock Market Fluctuations

As Christmas approaches, liquidity in the US market has decreased, which may lead to more volatility in the Bitcoin market. Additionally, the uncertainty regarding the Federal Reserve's interest rate cut path cannot be ignored, as it also affects investor sentiment. Last week, US Treasury yields rose to 4.55%, reaching a six-month high, indicating increased borrowing costs that may affect the liquidity of the cryptocurrency market.

In this macroeconomic context, the Bitcoin market may face more downward pressure. Investors need to pay close attention to how these macroeconomic factors affect the market.

Contract Trading Recommendations

The current market is not suitable for blindly chasing long positions

From the perspective of contract trading, it is currently not an ideal entry point for long positions. Although $92,000 is a key support level, the current market state does not provide enough signals indicating a reversal. Unless a structure like this appears:

Therefore, without a clear reversal structure, it is recommended to trade cautiously. If you choose to place long orders near $92,000, be sure to set stop-losses to avoid further market declines.

Short Position Strategy: Wait for Short Opportunities After a Rebound

On the short side, the current market has accumulated a large number of short positions, but we do not recommend directly chasing shorts at this stage. One can wait for a rebound to higher levels, such as $96,000 or $97,000, and then look for short opportunities. These rebound zones may show false breakouts, providing better entry points for shorts.

Spot Trading Strategy

Enter gradually, respond flexibly to market fluctuations

For spot trading, it is recommended to start gradually building positions from the current price. If $92,000 cannot hold, one can consider increasing positions appropriately, preparing to add further at $85,000 or even lower. The market has significant uncertainty, and investors need to maintain flexible trading strategies—do not think about hitting the bottom in one go, and do not invest too large amounts halfway up the mountain; the current price range is a good buying range.

Bottom-fishing Strategy: Select Strong Coins

During the current market adjustment, in addition to Bitcoin, some other cryptocurrencies have also experienced significant declines. For example, Ethereum, Dogecoin, TRX, etc. The prices of these coins may be close to the bottom, offering a significant rebound potential. Therefore, investors can enter gradually after these coins experience a certain decline to obtain better cost-effectiveness.

Conclusion and Outlook

Currently, the Bitcoin market remains full of uncertainty, and whether $92,000 can serve as a support level still needs observation. If this level cannot hold, $85,000 will be the next key support point. In terms of operations, investors need to remain cautious, not blindly chase long positions, and wait for suitable reversal signals. Additionally, for both spot and contract trading, one should enter gradually and respond flexibly to market fluctuations.