Bitcoin is currently testing the $90,000 level repeatedly. From the 4-hour K-line chart, once a valid breakthrough of this resistance level occurs, the subsequent possibilities are still considerable. If it can truly stabilize, re-entering the long position from the $86,100 level presents a quite good opportunity—especially as trading volume continues to gently increase.

However, there is a detail that cannot be ignored. In terms of chip distribution on mainstream exchanges, there is still obvious selling pressure. A similar situation occurred in early November last year, which caused many to chase the high prices repeatedly. So now, although bullish signals are flashing, defensive awareness must keep up; don’t just focus on the upside potential and overlook the risk of a pullback.