Analysis: Bitcoin experienced a strong short-term rally yesterday. Caution is advised for those looking to chase long positions at the moment. The current support level is $89,923.

BlockBeats News, December 3rd, On-chain data analyst Murphy stated, "Last night's pump was strong enough that the 4-hour candle has deviated significantly from the indicator's standard line of $89,923 set for today. Therefore, it is not very appropriate to chase longs from here today, and now that the price has touched the expected price line of the 4th level, it will be difficult to continue the strong upward trend tonight. However, as long as it does not drop below $89,923, there will still be opportunities to follow the trend tomorrow.

The daily candle is still below the bearish trend line but is now very close to the position of the trend line at $93,958. This means that as long as the daily candle closes above this price, the indicator will switch from red to green (bullish trend line), and a rebound at the daily level can be expected, with expected price levels of $95,604 and $99,108."