Analysis: Bitcoin saw a strong short-term rally yesterday; caution is advised when chasing the rally now.

According to Murphy, an on-chain data analyst at Odaily Planet Daily, "Last night's rally was strong enough that the 4-hour chart has deviated significantly from today's target level of $89,923. Therefore, it's not advisable to chase the price higher from here today, especially since the price has already reached the fourth expected price level, making further strong upward movement difficult tonight. However, as long as it doesn't fall below $89,923, there's still room to look for opportunities tomorrow."

The daily candlestick chart is currently still below the bearish trendline, but it's very close to the trendline's level of $93,958. This means that if the daily candlestick closes above this price, the indicator will turn from red to green (upward trendline), suggesting a potential daily-level rebound. The expected price levels are $95,604 and $99,108.