From a technical perspective, BTC closed a large bearish candlestick yesterday, and the short-term upward pressure is quite heavy. A careful observation of recent high points reveals the clue: from 94,500 down to 94,400, then to 93,200, each rebound's high point is gradually decreasing, clearly signaling that the bullish strength is weakening.

The core issue of the current market is quite obvious—bulls are showing signs of exhaustion at key support levels. Taking the 89,000 level as an example, although it has been tested multiple times, it has not been effectively broken. Each defensive effort becomes increasingly difficult. The rebound after BTC dropped to 89,400 a few days ago particularly illustrates this problem, as it only rebounded to around 90,600 before turning downward. This weak rebound situation is indeed worth vigilance.

As for the future trend, BTC is currently in a narrow range of consolidation, with technical levels showing resistance at 91,800 and 90,600. A likely scenario is: the price attempts upward testing near 91,800 to lure longs, then breaks downward again. Once the 89,000 support is broken, the downside could target around 87,000. Of course, there are still many stop-loss orders for shorts that have not been triggered, so the short-term bulls are not completely out yet. The higher resistance levels at 96,000 and 98,000 still need to be tested eventually. The relatively low liquidity over the weekend is also one of the factors influencing market volatility.