The market failed to break below the key support level, and subsequently, the hourly chart saw two consecutive bullish candlesticks rapidly rising, with the current quote having broken through double support to around 98k.
Although the short-term test during the daytime did not meet expectations, using small test orders to confirm the market direction is an acceptable outcome. After a long period of consolidation, a significant fluctuation often follows, and this price movement may be aimed at cleansing short-term positions in the market.
Currently, attention should be paid to whether the price can remain stable within the 97.7k-98k range after the line change at midnight. Ethereum should move in sync with Bitcoin. If it cannot break through these key points in the early hours, one can still consider placing short positions around the resistance area, targeting a drop to 95k.
If the market shows further signs of a breakthrough, the short-term bearish plan should be canceled, shifting focus to the potential upward path near 100k. It is recommended to remain cautious in the late night and wait for tomorrow's market update before making decisions.
It is suggested to short Bitcoin at 98000-98800 with a stop loss of 300-800 points.