A once slow upward trend has caused considerable frustration among the bears, but fortunately, this bullish push has not been a smooth, one-way rally. The current rally shows signs of stalling and is hovering at high levels. At this point, it is not advisable to blindly chase the rally and go long.

From a technical perspective, although the bullish momentum has strengthened, it has not yet formed a breakthrough rally. On the 4-hour chart, Bitcoin's price is steadily climbing along the upper band of the Bollinger Bands. Occasionally, there are pullbacks, but they are quickly bought back by the bulls. On the surface, it seems strong and unstoppable, but in reality, it has not effectively expanded the upward price space. This is a typical slow rise in a short squeeze pattern. Since the upward space cannot be effectively opened, there is no need to rush into long positions.

Bitcoin: around 93,800-94,300, with a rebound at 94,800, and support levels at 92,800-91,500.