Wednesday, overly bearish sentiment, exercise caution and go against the trend to push up and trap sellers

Bitcoin in the Asian session surged to around 89,500 and faced resistance for consolidation. This is also the third consecutive trading day of closing higher since the beginning of the week, showing a slow, bulldozer-like upward movement, indicating that the bulls still have momentum to continue higher. At this point, don’t be stubborn.

In recent days, shorting has become noticeably more difficult. For now, observe and wait until the Federal Reserve’s rate cut meeting in the early morning is confirmed before making any moves. Data-driven markets usually rise first and then reverse, so don’t be impatient. Consider protecting profits on short positions around 89,000 in the early session.

The daily chart shows three consecutive bullish days. Continuous gains suggest strength, with no signs of a sharp reversal or decline. In the short term, there are signs of divergence and volume expansion, indicating room for further upward movement. Resistance is concentrated at 90,000/91,300. Pay attention to the testing of these two resistance levels during the day; do not short again unless broken.