Yesterday, Bitcoin experienced an interesting market movement. First, it stabilized above the previous high of 94,700, then surged towards 96,000, and subsequently retreated back to the 94,700 level. This process perfectly demonstrated the switch between support and resistance — the pressure level before a breakout turned into a support level.

What is the key point? After a retest confirmation, the market surged overnight, rising directly from around 94,700 to approximately 97,700, creating a rally of over 3,000 points. This aligns completely with our previous judgment: after breaking a high, there's no need to rush to chase the top; the real opportunity comes after a pullback. The correction during yesterday's daytime was essentially a very ideal low-buy window.

From the 4-hour chart, the current trend is still operating within a bull trap and false breakout structure, and this rebound has not yet ended. The potential reversal zone we previously identified is between 98,000 and 99,000, which is based on the measured move of the Fibonacci extension to estimate the D point.

However, it must be clarified that this is only a projection based on price action, not a definitive conclusion. But from the current trend, during the volume-driven upward movement, no clear reversal signals have appeared yet, so it’s not suitable to attempt to top out on the left side at this stage. The previous high has already been effectively broken through, and at this point, there’s no condition for left-side operations; the short-term trend still leans towards continuation. As for the 100,000 level, from a structural perspective, the medium- and short-term focus should remain on the 98,000-99,000 range.