Current BTC market and trend analysis

Short-term upward trend is obvious: From the 15-minute chart on December 25th, Bitcoin regained its upward momentum on Christmas Day, rising over 4% intraday and surpassing $98,000. The highest reached $99,487, showing strong short-term upward momentum.
Technical indicators overbought: On the 15-minute chart, indicators such as the Relative Strength Index (RSI) may have entered the overbought zone, with the common RSI indicator exceeding 70, indicating a high buying enthusiasm for Bitcoin in the short term, but also implying a potential risk of price correction.
Market sentiment divergence: On the one hand, the strong buying in the spot market has driven up the price of Bitcoin. In the past 24 hours, the short positions of BTC have been liquidated by nearly 40 million US dollars, and the bearish sentiment has gradually subsided, while investors' bullish sentiment has risen. On the other hand, nearly 20 billion US dollars of nominal value of Bitcoin options will expire this Friday, and the ratio of put options to call options is 0.69, which means that for every 10 call options, there are 7 put options, indicating a certain degree of downward concerns in the market.
Resistance and support levels: The key resistance levels above are around $98,500 and $100,000 psychological level. If it can effectively break through $100,000, it may further open up the upward space. The initial support level below is around $96,000, and the stronger support area is around $93,756 (0.236 Fibonacci retracement level)13.
Contract operation suggestions for tonight
Bullish strategy:
Aggressive: If the price of Bitcoin falls to around $96,000 and there is a clear reversal signal on the 15-minute chart, such as a hammer line, morning star, and other candlestick patterns, you can enter a small long position with a stop-loss below $95,000. The target price is set at $98,500, and if it can break through, it can continue to hold until $100,000 or higher.
Conservative: Wait for the price to break through and stabilize at $98,500 before entering the long position again. Set the stop loss around $97,500 and target a price range of $102,000 to $104,000.
Bearish strategy: If the Bitcoin price is blocked around $98,500 and a bearish signal appears on the 15-minute chart, such as shooting star, evening star and other candlestick patterns, short positions can be considered with a stop loss set above $99,500 and target price at $96,000. If it falls below, the position can be held until around $93,756.

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