Analysis: Bitcoin saw a strong short-term rally yesterday. Caution is advised when chasing longs at this point. The current support level is $89,923.

On December 3, on-chain data analyst Murphy stated, “Last night’s price surge was strong enough that the 4-hour K line has deviated significantly from today’s standard line at $89,923. Therefore, it’s not suitable to chase longs from here today, and since the price has now reached the 4th expected price level, it will be difficult to continue a strong upward move tonight. However, as long as the price does not fall below $89,923, there may still be opportunities to follow the trend tomorrow. The daily K line is still below the bearish trendline, but it is now very close to the trendline at $93,958. In other words, as long as the daily K closes above this level, the indicator will turn from red to green (bullish trendline), and we can expect a rebound at the daily level, with the upper target prices at $95,604 and $99,108.”