Bitcoin's recent trend has indeed reached a delicate time point. The price is consolidating with decreasing volume around 90,974, with highs gradually retreating, but the lows still holding above the previous support level. This candlestick pattern essentially represents a classic triangle convergence—market energy is building up, and the signs of a trend reversal are becoming increasingly evident.

From a technical perspective, the middle band of the BOLL Bollinger Bands at 90,753 provides a critical support level, while the upper band approaching 91,709 creates resistance, and the bandwidth is narrowing significantly. Such contraction often indicates an impending breakout in volatility. Meanwhile, the MA7 and EMA7 lines are converging around 91,000, forming a tight tug-of-war zone between bulls and bears. A decisive breakout here would require volume confirmation.

On the MACD indicator, the DIF line has already turned upward, currently at 17.8. If today’s price can cross above the DEA line at 52.4, it could trigger a new bullish momentum. On-chain data is also quite interesting: over the past week, net outflows from exchanges exceeded 21,000 BTC, indicating that large holders are still accumulating. The MVRV ratio remains in a healthy zone, and the cost basis for long-term holders is stable, suggesting limited selling pressure. The options market is also very active, with open interest soaring, and the 92,000 USD level has become a battleground for bulls and bears.

Macro environment-wise, the Fed’s rate cut expectations for March are heating up, providing tangible support for risk assets. Last week, spot Bitcoin ETF inflows hit a new high for the year, showing that institutional investors’ bottom-fishing enthusiasm remains strong. There have been no black swan events recently, and the technicals are leading the current rhythm.

In practical terms, key support is at 90,500, where the BOLL middle band and the 30-day MA provide double support. A break below this level should be approached with caution. If the price can hold above 91,500 and MACD shows a bullish crossover with increased volume, consider adding positions, targeting the 92,500 to 93,500 range. Currently, chasing the high is not recommended; it’s better to wait for a pullback to the 90,700–91,000 zone for stabilization before gradually entering long positions, with a stop-loss below 90,000.