Bitcoin faced resistance after yesterday's surge, currently trading around 91,374, with a daily decline of 2.25%. From a medium-term perspective, the upward trend remains intact, but in the short term, it has entered a retracement phase, which is normal.

The previous high at 94,789 is clearly under pressure, but after the price pullback, it has not broken below the key moving average zone, indicating that the support below is relatively solid. Technically, the MA7 moving average is just around 91,424, serving as the first support. A stronger support is around 88,600 near the MA25. The MA99 above is around 99,000, exerting significant short-term pressure.

The specific support and resistance levels are as follows: the first support is between 90,600 and 91,000; the second support is at 88,500. If it truly drops to 88,000, caution is advised. Resistance levels are at 93,500 and 95,000.

The KDJ indicator is currently around 74, in a high-level plateau, which is not a sign of a sharp decline. Instead, it indicates that after the rally, time is needed for digestion, belonging to a normal consolidation phase.

For holders, as long as it does not fall below 88,500, there is no need to panic. Only if it breaks below 88,000 should one consider reducing positions. Short-term traders can try long positions lightly in the 90,500 to 91,000 range, with a stop-loss at 89,800 and a target initially at 93,500. However, chasing high at this level is not recommended; it’s better to wait for a retracement to confirm support before making more stable trades.

The situation with Ethereum will be supplemented in subsequent analysis...