Bitcoin is currently priced at 94,739 USDT, having plunged over 2,000 points from today's high of 96,863. The short-term situation is indeed a bit tense. The bulls failed to stabilize in the 96,000-96,800 range despite consecutive attempts. Trading volume is still increasing, and the MACD has shown a bearish divergence signal—indicating that selling pressure is gradually mounting.

The key support level is at 95,289. If this level cannot hold, a quick return above 96,000 will be unlikely, and the support zones at 93,000-92,125 may be tested. In the short term, the bears are in control, and this pattern is likely to continue for a while.

But looking at the bigger picture, it’s a different story. The price remains firmly above 93,601, and the upward channel pattern is still intact. The long-term moving averages are also still in a healthy bullish alignment. If there is active buying during the decline, especially around the 94,000 level forming support, it could lead to a double bottom and then a rebound. The target for the rebound could be the previous high of 97,000, possibly even making new highs.

Currently, we are in a phase of oscillation at high levels, and the divergence between bulls and bears is quite clear. In terms of trading strategy, strict stop-loss and take-profit execution is crucial. Don’t be greedy; lighter positions are more prudent. Be patient and wait for the market to give clear signals of direction—there’s no need to rush.