Bitcoin rebounded at 86,760 last night, surged to 88,150, and then started to fluctuate and pull back. It has not yet broken lower. Over the past ten days or so, the market has been oscillating between 86,500 and 90,000, with major institutions frequently shaking out traders. Most technical indicators have long since become unreliable. At this point, a change in strategy is needed.

Instead of waiting for a clear direction, it’s better to perform hedging operations within this price range. How exactly to do this? First, place a long order at 86,888 and hold it. If this order is not stopped out and can be smoothly pushed higher, then place an equal-sized short order at 89,888 to hedge, followed by adding another short of the same scale at 90,188, with a hard stop-loss at 90,888. Conversely, if the short position is not stopped out and the price drops, then close half of the short near 86,888 and double down on the long position.

The core idea of this strategy is simple— as long as you don’t get stopped out, maintain a 1:1 long-short ratio. When prices rise, continue adding shorts to lower the average cost; when prices fall, close shorts and switch to longs. The bottom position remains unchanged until BTC finally breaks out of this range, at which point the strategy should be adjusted.