#数字资产市场洞察 key signals on the hourly chart of Bitcoin, my practical interpretation

After so many years of trading and witnessing numerous cycles of ups and downs, my current habit is to look at the market from three perspectives: technical, on-chain, and news. This morning, I took a good look at the 1-hour K-line of BTC, and combined with the latest on-chain movements and market sentiment, my judgment is very straightforward: there will indeed be a short-term adjustment, but this is not a trend reversal.

**How to view the technical aspects**

The price surged near 90171 and then retreated, forming a typical "upper shadow + bearish engulfing" structure, which clearly shows the insufficient bullish momentum even on the hourly level. The upper band of the BOLL channel has flattened, and the price has tested the upper band several times without breaking through, indicating a significant reduction in the strength of the breakout. Although the MACD is still above the zero axis, the DIF and DEA have already merged together, and the red bars have not expanded after contracting. The short-term divergence signal is already quite evident.

The most critical support level is at the intersection of MA30 (yellow moving average) and the middle band of the BOLL, approximately in the range of 89300-89500. Once it is broken with volume, be prepared to look at the 88000 area.

**What On-Chain Data Is Saying**

In the last 24 hours, the amount of BTC transferred to exchanges by whale addresses has increased by 15%, according to CryptoQuant. It is clear that the pressure to take profits in the short term is rising. However, the holding ratio of long-term holders (LTH) remains high, indicating that large funds are not yet looking to exit. In this case, the adjustment seems more like the main players cleaning up the battlefield.

**News aspect**

Recently, there haven't been any particularly significant macro news (such as policy changes from the Federal Reserve), nor any major positive developments at the industry level. The market is in a "news vacuum" state. In such times, funds tend to engage in short-term speculative trading, and the rotation of altcoins is accelerating, with some funds flowing out from BTC, leading to greater short-term volatility.

**My Operation Plan**

If it breaks below the 89500 level, I will place buy orders in batches within the 88000-88500 range, with a stop loss set below 87000.

Conversely, if it can break through 90500 with volume and stabilize, I will follow in and chase the long position, targeting the resistance area around 92000.

To be honest, a pullback in a bull market is an opportunity, and there’s no need to panic excessively. Real traders never see risk in market fluctuations; they see the potential for the next wave. $BTC