Bitcoin is currently consolidating within a pennant pattern, forming a noteworthy W bottom structure. The neckline of this W bottom is at the key level of 97,662, which also serves as Bitcoin's current main resistance. Only a breakout and stabilization above 97,662 on the hourly chart will confirm the W bottom, allowing for further upward targets at 98,068 and 99,478.

If the price fails to break above 97,662, the W bottom pattern cannot be confirmed. As for the pullback, as long as it stays above 95,726, there won't be a deep correction. However, if it falls below 95,726 and closes below 94,500 (the lower boundary of the pennant pattern), there is an unavoidable risk of testing 93,892.

In the short term, Bitcoin is likely to fluctuate repeatedly between 95,726 and 97,662. This phase is critical—if it cannot break the previous high of 97,888 during an upward push, it is advisable to exit 70% of long positions at the bottom, with the remaining 30% held for higher targets. Failing to surpass the previous high will likely trigger a deep correction, unless it can break through 98,068 and stabilize above it, along with breaking the daily EMA200, which could signal a move out of the current consolidation.

Specific trading points: a volume breakout above 96,952 suggests a long entry on the right side, while a volume breakdown below 96,395 that fails to recover during a rebound indicates a short entry on the right side—remember to set stop-losses accordingly. After a breakout and stabilization above 97,662 on the hourly chart, look toward 98,068–99,478, which will be tested sequentially. If the 4-hour chart breaks below 96,231, then target 95,726–94,716; failure to recover above 96,231 indicates entering a correction mode.

From the daily chart perspective, the EMA200 is a key resistance for Bitcoin. Breaking above and stabilizing above EMA200 will sequentially reach the positions indicated by the yellow arrows, and once it breaks through and stays above EMA200, a 100,000 USD Bitcoin could be just around the corner.

A detail worth noting: Bitcoin has been trading below EMA200 for 96 days, approaching 100 days soon. Logically, it should soon return above EMA200 to fluctuate. However, the daily RSI has already broken above 70 into overbought territory, indicating a possible correction. The only way to prevent a Bitcoin correction is to break through the 98,068 resistance and stabilize above EMA200—this is the only path. Keep a close eye on volume changes, as they will provide confirmation signals for the direction.