Currently, Bitcoin's trend exhibits obvious multi-level characteristics, with significant differences in performance across different cycles, requiring separate treatment.

From an intraday perspective, the price mainly fluctuates sideways between $89,000 and $93,000. This range is the core trading zone recently. A breakout above $93,500 targets $94,500; conversely, if it falls below $89,000, further decline to $88,000 is needed to find support.

For the short-term 1 to 3 days, the key variable is non-farm payroll data. If non-farm payrolls underperform expectations, bulls may launch an attack, aiming directly at $95,000; on the other hand, if the data exceeds expectations or market sentiment weakens, a pullback to around $88,000 may occur for re-accumulation.

Looking at the medium-term horizon of 1 to 4 weeks, the expectation is initially a period of consolidation. Once a clear stabilization signal appears, the price is expected to surge toward the $98,000 to $100,000 range. The $100,000 mark is quite special; it actually serves as the bull-bear dividing line in the current cycle. Whether it can hold this level will determine the subsequent trend direction.

For the entire Q1 quarter, the trend is to bottom out first, then gradually push toward $100,000. Once successfully broken through and stabilized, the possibility of reaching new highs for the year increases significantly.

From the perspective of support and resistance, key levels are as follows: downside supports are $88,000 (which is the lower edge of the CME gap and has special significance), $89,000, and $90,000; resistance levels are at $93,000, $94,500, $98,000, and $100,000.

In trading operations, practical considerations can be as follows: for intraday long positions, it is appropriate to enter when the price stabilizes in the $90,000 to $90,500 range, with a stop loss set at $88,700, and take profits gradually at $93,000, $94,500, and $98,000 to reduce positions step by step.

In case of a breakout, treat it differently: if the price breaks above $93,500, consider a small position to try going long, but set the stop loss at $92,000 for quick exit; if it breaks below $89,000, switch to a wait-and-see mode, and re-evaluate after falling to $88,000.

Risk management is the lifeline of trading. It is recommended to operate with a light position, controlling each trade to 10% to 15% of total funds, and no single loss should exceed 2% of total funds. Most importantly, avoid chasing highs and holding large positions—these bad habits are the easiest to amplify losses.

Monitoring key trading signals includes watching the CME gap fill, RSI indicator overbought conditions, and ETF capital flow changes, all of which are important reference indicators affecting short-term direction.