Looking at this 1-hour chart, BTC surged above 89,440 and then retraced, causing many to become uneasy. But if you panic just because of this retracement, it shows you haven't grasped the essence of this market movement. This is not a sign of a top, but a typical consolidation within a bull market rhythm.

From a technical perspective, the upper Bollinger Band was briefly broken at 88,727 and then pulled back. The price is currently stable above the middle band at 87,810. This is a textbook move of "testing resistance after a rally," not a sign of weakening. The MACD appears flat at high levels, seeming weak, but remember, in a bull market, MACD often becomes dulled, which is usually a sign of main players controlling the market—if no deep death cross appears, there is still room for additional positions. Although short-term moving averages are converging, this is a typical shakeout by the main players, clearing out retail and leveraged longs, allowing the hourly chart to move lightly toward 90,000.

On-chain data is even more interesting. Last night, whale addresses indeed showed position fluctuations; some veteran traders took profits, but at the same time, institutional wallets are quietly accumulating in the 87,000-87,500 range. This is a clear handover, not a concentrated dump. The slowdown in exchange net inflows is also a signal—retail selling pressure is weakening, and large players are locking in positions, waiting for the next narrative wave to ferment.

On the news front, every retracement is accompanied by rumors and regulatory leaks, but the logic of a bull market is like this: fear of good news, not bad news. The dips caused by negative news often turn into opportunities. ETF capital flows remain positive, and macro liquidity has not yet shifted, supporting the upward outlook.

The short-term strategy is clear: hold the 87,800 middle band, with each retracement as an opportunity to build long positions. Set stop-loss at 87,200, with a target of 89,500.