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Recently, BTC's performance has indeed been impressive. The decline on Monday evening from 91,600 to 90,400 has led many to ask whether it will break below 90,000, but from a technical perspective, this looks more like a shakeout for the bulls.
From a market monitoring standpoint, the 90,000 level has been tested multiple times and plays an important psychological support role in the current market. Meanwhile, the 91,500-91,600 range has long served as a resistance level, with obvious selling pressure.
Interestingly, after a night of adjustment, the Asian session directly launched a counterattack mode. Not only did it recover all the losses, but it also hit a intraday high of 91,876, forming a bullish engulfing candlestick pattern. More importantly, after the effective breakthrough of the 91,500-91,600 resistance zone, the roles have reversed. The former resistance level has now become a new support, and this "top-bottom reversal" signal is often more meaningful than positive news.
From the performance in the Asian session, the European and US sessions have basically set the direction. As long as the price does not effectively break below 91,500, the bulls' advantage will be hard to change. The bears have already been somewhat stunned, and the risk of continuing to short against the trend has clearly increased.
Future trading opportunities mainly depend on whether this new support can be maintained and whether the price can further test higher resistance levels. Market sentiment has shifted from panic to optimism, but such rapid reversals also warrant caution against potential pullbacks.