This afternoon, I took a comprehensive look at BTC's trend. Since New Year's Day, although Bitcoin has been oscillating upward, the pullback strength has always been weak. Is this truly a market reversal, or just a false breakout? Let's analyze some key technical indicators.

First, look at the Bollinger Bands. On the 4-hour chart, during the early morning, Bitcoin broke through the upper band, then fell back down. Currently, it is stuck around the 10-day moving average without a clear breakout, and is instead rebounding upward. During this period, the price has been fluctuating between the 5-day and 10-day moving averages. The key point is that on the 4-hour chart, the price has been staying above the middle band for a long time, with all three lines pointing upward. If the next pullback still fails to break below the middle band effectively, there is a good chance for a second upward move. On the daily chart, the Bollinger Bands are already above the upper band, with all three lines trending upward, which is a strong signal.

However, the 1-hour chart shows some interesting signs. The Bollinger Bands are starting to contract, the short-term moving averages have already formed a death cross downward, and the rebound near the 10-day moving average failed to break through, quickly falling again. Short-term resistance is around the middle band.

The MACD indicator also tells a story. On the 1-hour chart, the MACD double lines have crossed downward above the zero line, with the fast line below the slow line, indicating weakening bearish momentum. On the 4-hour chart, the fast line shows signs of a downward death cross; if it truly forms a death cross, the price may continue to decline further.

The RSI is currently oscillating in the oversold zone, with values between 40 and 18, indicating some selling pressure remains.

Overall, the current trend is a high-level sideways movement leaning toward a decline. Resistance levels are at 94,800, 96,600, and 98,900. Support levels are at 91,500, 89,200, and 87,300.

Strategically, I recommend mainly shorting at the highs. Open short positions around 94,800, with additional entries at 96,600. If the price breaks above 98,900, stop-loss. For long positions, start at 91,500, add at 89,200, and stop-loss if it falls below 87,000. The overall upward trend has not fully played out yet, so caution is advised at this stage.