Bitcoin's price surged strongly past 94000 USD in the early hours today, reaching a high of 94555. However, after the breakout, it did not sustain the upward movement and subsequently retraced to around 92000 USD, displaying a volatile trend of 'breakout - retracement,' reflecting the fierce competition between bulls and bears at key price levels.

Technical analysis: On the daily candlestick chart, the price has temporarily broken above the upper Bollinger Band at 94500 and is under pressure at this level. The EMA trend indicator is contracting upwards, the MACD continues to increase in volume, and the KDJ has formed a strong bullish signal. However, the indicators on the 4-hour and 1-hour levels are in overbought territory, indicating a need for a pullback. The core resistance above is in the 94000 - 95000 USD range, with 94200 as a particularly critical resistance level at the 0.618 Fibonacci retracement;

If Bitcoin retraces to 91500-91000, it could be a good opportunity to establish a small long position (aggressive traders may open positions at 92000, leaving room for two additional positions) with a target range of 92500-93500. If the upward volume continues, it could rise to new recent highs!