The recent trend of Bitcoin can be summarized in one word:震 (volatility). Starting from the high of 94,415 last night, it encountered significant selling pressure, dropping sharply to 91,210 in the early morning, then quickly rebounded back. Currently, it is fluctuating around 92,700, consolidating back and forth. The overall rhythm is "push high - drop sharply - continue to shake," reflecting a tug-of-war between bulls and bears.

Ethereum is almost sharing the same fate as Bitcoin, dropping from the high of 3,307 down to the support level of 3,181, then bouncing back. It is now oscillating around 3,260, with increasingly evident correlation effects.

From a technical perspective, the bullish arrangement on the daily chart has not been broken. It has maintained above the EMA7 for three consecutive days. However, there is a signal to watch— the MACD histogram is shrinking, indicating that bullish momentum is waning. Additionally, the area around 94,400-95,000 faces significant resistance; after breaking through this zone, the price has entered a digestion phase.

On the four-hour chart, a V-shaped recovery pattern has appeared, looking promising. But the problem is insufficient volume, and the RSI indicator has entered overbought territory, implying short-term correction pressure is building. Although the price remains supported by the moving averages, the lack of sustained buying volume sets the stage for high-level consolidation.

How to interpret the current market? The core logic of the bulls remains intact. The recent high pullbacks are not trend reversals but typical high-level shakeouts. The main purpose is to clear out the trapped positions in the 93,000-95,000 range, thereby accumulating enough volume for a future breakout. The pressure from profit-taking needs time to be absorbed, which is a normal process.

**Trading strategy** suggests responding with range-bound operations. Focus on the support zone of 92,000-92,700 below. If the price stabilizes here during a pullback, it can be used to go long, targeting resistance around 93,800-94,400. Conversely, if the price faces resistance near 94,400 again, consider a small short position with a stop-loss above 94,500. Strict position control is essential to handle potential volatility.

Specific levels to monitor: closely watch the support at 92,500-91,800 and the lower support near 90,300. If these supports hold effectively, it’s appropriate to position modestly at lower levels. If the price breaks and stabilizes above the strong resistance at 94,500, then look for further upside towards 96,800, and beyond that, the key levels are 99,000-100,000. If resistance at 94,500 cannot be broken, continue attempting short positions at this level, observing the support behavior below.