Analyst: The current short-term risk of going long on BTC is high, but as long as it does not drop below $89,923, opportunities for trend-following can still be sought tomorrow

Cryptanalysis expert Murphy (@Murphychen888) posted on social media that Bitcoin surged strongly last night, with the 4-hour K-line significantly deviating from the standard line at the $89,923 position. The current price has reached the fourth expected price line, making it less suitable to chase long positions from the current level in the short term.

The analysis suggests that as long as it does not drop below $89,923, opportunities for trend-following can still be sought tomorrow. The daily K-line remains below the bearish trend line but is approaching the trend line position at $93,958. Once the daily K closes above this price, the indicators will shift to a bullish trend, with expected prices above at $95,604 and $99,108.