This wave of the 1-hour K-line pattern of Bitcoin has shown a noteworthy signal shift.

From a technical perspective, after the price surged to 94,789, it was quickly suppressed back to 93,576 (BOLL middle band). This high-level pullback suggests that the upward momentum is weakening. The MACD on the 1-hour cycle shows a dead cross of the double lines, with DIF and DEA both showing clear convergence, and the red histogram volume is almost nonexistent—indicating that the bullish momentum is indeed diminishing. The BOLL channel has narrowed and repeatedly faced resistance at the upper band, a typical false breakout characteristic. If it breaks below 93,177 (BOLL lower band), the next support is at the previous low of 91,136; further down, around 89,000, there is strong technical support.

On-chain data further illustrates the issue. Yesterday, a large whale address transferred $2.4 billion worth of mainstream coins to exchanges, with a single BTC transfer scale jumping from the usual 8-10 coins directly to 22-26 coins, which often signals brewing large sell pressure. Meanwhile, net inflow of stablecoins was only 42 million, indicating that buying interest has not caught up—large holders are clearing positions, while retail investors are still watching or entering. This mismatch warrants caution.

Noise from the news side is also increasing. The SEC has delayed approval for multiple Bitcoin spot ETFs until February, the EU leverage policy may tighten to 20x, and domestic regulation attitudes toward virtual currencies are also strengthening—these are additional uncertainties. Interestingly, the current proportion of profit-taking addresses in BTC has reached 78%, close to a one-year high, meaning many holders are in profit, and the urge to realize gains is strong. With a 35% increase already achieved, the technical reversal at this stage indeed gives bears some room for operation.

Overall, around 94,000 is a key psychological and technical resistance level. If it cannot break through, the rebound may only reach this area. For short-term traders, the performance in this zone will largely determine the next direction.