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Bitcoin probed up to 38500 yesterday but failed to continue, instead it fell under pressure. It can be seen that there is strong resistance above, and breaking to a new high will require time and a process of building up momentum from below.

On the 4-hour candlestick chart, each time the price retraces, the low point keeps moving up, and each retracement is reclaimed by the bulls. It can be seen that the upward trend is strong. Currently, the price has entered a triangular area, and there is still resistance above. If it breaks through, it will likely approach the 40000 level, and after multiple retracements, the recent market is likely to see a breakthrough.

Intraday suggestion: Go long on retracements in the 37600-37400 area, with a target of breaking through the 38500 level and aiming for 39000.

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