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Bitcoin has embedded a significant needle on the 4-hour chart, returning to the key zone of 90000-90600 that we previously emphasized. This level is highly significant for the bulls—whether they can hold steady directly determines if there is room for a rebound.
Honestly, this 4-hour needle is almost finished, and it’s highly likely that the decline will be recovered. The key point is that after the close, this needle’s low point will become the first line of defense for the bulls—must be defended at all costs.
From a liquidation perspective, this wave of decline has already liquidated most of the long positions, and the liquidation pressure below has significantly eased. This sends an important signal to the bulls—that the space for continued pressure is limited. As long as they can hold here, the momentum for a rebound remains.