BTC 4-hour chart observation: Consolidating at the bottom, key support at 89786

[Crypto World] Recently, I’ve been watching BTC’s 4-hour chart, and the price action is pretty interesting.

From 8:00 AM on December 4th until now, the price first made a move up, hitting a high at 4:00 PM on December 5th, but then started to pull back. The last candlestick closed bearish, with the closing price lower than the opening price—a classic bearish engulfing pattern. Trading volume also shrank, with both price and volume moving down together—this combination usually signals that market sentiment is cooling off and trading activity is low.

On the technical indicators: the MACD histogram has been hovering below the zero line, but the bars are getting shorter, indicating that bearish momentum is weakening and bulls might be gathering strength for a rebound. KDJ is currently reading 20, with no clear golden cross or death cross signals, so it’s overall neutral. Worth noting, MA10 was above MA30 at both 4:00 PM and 8:00 PM on December 5th, but the price was still testing lows, which means there’s still a risk of breaking below previous lows.

Looking at the levels:

• The recent high touched 93543.04, and the low dropped to 84677.87
• Current support is around 89786, resistance at 94486
• If you want to go long, consider entering in batches around 84863.54 and 85097, with a stop loss below 84254
• For short positions, watch the 94010 to 94486 range, with a stop loss above 94010 as well

Overall, the market is in a consolidation and bottoming phase, and direction is still unclear. In the short term, watch to see if trading volume can pick up and whether the 89786 support can hold.