Bitcoin's rebound from 93,000 is really just superficial. Looking at the technicals, the hourly RSI is already seriously overbought, so it's no surprise that this rally can't last. From an institutional perspective, this is just the beginning of a new round of trap setups—attracting retail investors to buy in, then a sharp drop follows.

In the short term, Bitcoin is likely to retest the 90,000 level, with further resistance around 85,000. Some people keep saying that rate cuts and continuous ETF inflows are bullish, but these are just surface-level factors. The true bottom hasn't appeared yet; unless it drops below 70,000, any rebound is just a false start.

Currently, the risk of bottom-fishing is extremely high. Many are still long, but the market logic is downward all the way. I have already positioned myself with high-leverage shorts, just waiting for the longs to get liquidated. If you disagree with my view, then let's wait and see what the market has to say.