Bitcoin is still led by bears, and yesterday's rebound did not form a continuation. Therefore, the rebound is still a correction in a phase of decline. At least currently, the market has not given a short-term upward signal. There is also something to note about the decline; although it has retraced last week's gains, it has not broken the previous low. In our analysis of trends, a crucial basis for judging the continuation of a trend is whether there is a break of highs or lows. Because if the previous low is not broken during a decline, it indicates that the previous low has supportive effects. What does support do? First, it curbs the bears' downward movement, and second, it provides a foundational guarantee for the bulls' rebound.

Currently, the decline is not a reversal decline at the daily level. The daily chart still maintains a high-level fluctuation trend. The support watershed at the bottom of the daily range is at the mid-track of 89,700. Only if this position is effectively broken through the form of an entity candlestick can it constitute a breakdown condition. Only then can the daily trend structure confirm the breakdown. In fact, this kind of pattern judgment is similar to the previous bullish breakout at 99,000, just in two completely opposite directions!

Therefore, rationally analyzing the current market situation, the bears have touched the bottom support and have tested it, but currently, there is no breakdown. After the collapse from the top, the bears naturally form obvious pressure in the short term. Some external factors have also led to a strong bearish sentiment in the market. Saying there is a breakdown is just a prediction; the specific situation still needs to be judged accurately based on the actual trend.

Currently, it seems that the short-term market has a trend of forming a top and bottom conversion. This pattern, to some extent, also limits its upward space. In the short term, without returning to a strong rhythm, it will also fall into a state of fluctuation stalemate. The current market price is in a correction phase. From the strength of the intraday rebound, there is still an expectation of further downward adjustment.

The key pressure areas are also concentrated at the 95,000 level and extending to the 95,600 area. If the pullback does not break, there is still a downward expectation. Therefore, today we should mainly focus on shorting, rebounding to short, and chasing shorts on breakdowns; we should not go long anymore. The target looks down to 92,000, and if it breaks, look at the daily mid-track 90,000 area!

Please remember, the soul of trading lies in rigorously controlling risk and decisively executing rather than being obsessively entangled in predicting the market's next second's movement. Let go of the obsession, embrace the response, and only then can one ride the waves on the trading journey.