Based on recent trends, BTC is showing a clear oscillation pattern—initially dropping from around 94,000 to near 91,000 to fill the gap, followed by a rebound. This move alone spans a 6,000-point range.

Specifically, looking at today's performance, during the first rebound in the morning, the price only reached 93,800 before encountering resistance, failing to break through the pressure zone left by yesterday's rapid decline. The second rebound started from 92,200, ultimately only reaching 93,100, a minor resistance level. The rebound heights are decreasing each time, and trading volume is also declining. These signals all indicate one fact—the bulls' energy has been nearly exhausted.

From a technical perspective, today is likely to see a downward trend. The price should test the support level around 90,000.

The key point moving forward is: if the rebound ultimately fails to break above 94,000 again, then the top of this rally will be set at 94,700; but if it can break through 94,000, then the range between 95,000 and 98,000 will open up. Currently, there’s no need to rush into long positions, as the bearish story is not yet over.