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ChainCatcher news, Chinese crypto analyst Banmuxia stated in a post, "Bitcoin experienced a surge early this morning, but the amplitude was insufficient. Looking at it now, the rise from $80,500 is a leading wedge. At the same time, the $89,000-$90,000 range is a relatively strong support level. The market projects the upward target for the next month to be between $103,500 and $112,500. The process may still be very volatile."

Jinse Finance reported that trader Ban Muxia stated on social media, "Bitcoin experienced a limited surge in the early morning, forming a leading wedge pattern from the rise at $80,500. Under the main tone of the fourth wave correction, this leading wedge is most likely wave a, so the current correction should not exceed the $93,100–$83,800 range. The correction has now approached the 0.382 Fibonacci retracement level, indicating a possible end. Technically, the $89,000–$90,000 range serves as a strong support level. The market expects the upward target for the next month to be in the $103,500–$112,500 range, but the upward process may be relatively volatile."