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Bitcoin surged to a high of 90500 yesterday and then pulled back, currently fluctuating around 87000. US stocks opened lower last night with limited rebound strength, which has added some short-term pressure on the cryptocurrency price. From a technical perspective, the 4-hour chart has formed three consecutive bearish candles, and the downward trend is becoming clearer. The area around 88500 remains an important resistance zone; once it is tested again and held, downside space is likely to open up.
Short-term trading advice: If there is no rebound opportunity, stay on the sidelines and observe. Once the price rebounds to the 88000-88500 range, consider shorting with targets around 86500-85500. For Ethereum, consider shorting in the 2970-3000 range, with a downside target of 2900-2850. It is important to note that with the New Year’s holiday approaching, the market may continue to experience oscillations, so a cautious attitude is recommended.