Bitcoin is currently oscillating around the 94,000 level. From the 1-hour chart, the moving averages show a classic bullish alignment, with EMA5 firmly above EMA10 and EMA250, and clearly higher than the midline (93,225) and the EMA20 crossover support. This indicates that the short- to medium-term upward trend remains healthy. Interestingly, MA5 (94,048) is almost aligned with the current price, which often signals that the market is about to enter a high-level consolidation phase.

Looking at the indicators, things get a bit more complex. Although MACD still maintains a golden cross, you can clearly feel the momentum weakening and the indicators converging—DIF (664) is indeed above DEA (603), and the histogram (121) is positive, indicating the upward momentum is still ongoing. However, the histogram length has not expanded, which warrants caution for a potential bearish divergence. The Bollinger Bands show the price tightly hugging the upper band, suggesting that while market strength is not weak, the short-term is already overbought, and a technical pullback toward the midline (93,225) is highly probable.

The RSI and KDJ indicators are more straightforward. The three RSI lines are approaching the overbought zone, with values clustered between 60-70, which indeed shows strong buying pressure. However, after approaching the overbought level of 70, the RSI has started to decline. If it cannot effectively stay above 70 in the short term, the probability of a correction increases significantly. The KDJ is even more obvious: K (78), D (81) are both in the overbought zone, and J (71) has already turned downward. The three lines are beginning to converge, showing signs of a death cross, which is an important signal that a short-term correction may be imminent.

From a trading perspective, caution is advised against chasing longs at this high level in the short term. For medium-term trading, the outlook remains bullish, as fundamentals and capital inflows continue, and the moving average structure remains healthy. However, the current overbought RSI and the death cross signals in KDJ suggest that prices need to consolidate or undergo a correction, and breaking through resistance levels directly will be challenging.

For traders holding long positions, consider scaling out gradually to lock in profits, while paying attention to the second resistance at the daily EMA80 and potential breakout opportunities to establish high-altitude shorts. If looking for further opportunities, support can be found at the 1-hour midline and EMA30 zone, continuing to build trend-following long positions.

Specifically, you can consider entering long positions in the 92,500-93,500 range, with the first target at 94,500-95,200. If this target zone is effectively broken, look further upward toward key resistance levels at 96,400 and 98,100.