Bitcoin's performance last night mostly followed the script. The price once broke above 96,000, which was within the expected range.

From yesterday's market, the nature of this correction is very important. The price retested the 90,000 integer level, a line of defense we have mentioned repeatedly before. Based on this judgment, bulls should defend around the previous low points, and the overall strategy remains focused on long positions at lower levels.

The short-term target is to watch the 94,000 level and see if the previous highs can be effectively broken. As a result, last night the price successfully broke through the previous high, which is a significant liquidation for the bears.

Here’s a common pitfall—shorting at high levels. It’s really not suitable right now. This rally is a continuation after breaking through a key resistance, and a volume breakout is an important signal. We haven't seen clear signs of a top yet, and there is still room for movement upward. The possibility of the price continuing higher still exists.

But this doesn’t mean the overall trend has changed. From a larger timeframe perspective, Bitcoin remains in a bearish structure, and the main trend is still bearish. The rebound in the hourly timeframe has not fully played out, and there may still be room above, but the expected range isn’t too large. Judgments across different timeframes must be analyzed separately, which is very important.

Returning to the previously mentioned bear flag pattern—forming a channel-style rebound after a decline. Whether this pattern holds depends on whether the lower boundary of the channel and key support levels can be effectively broken. This is the decisive factor in determining the subsequent direction.