January 2nd, Thursday, Morning Market Analysis

Wednesday was New Year's Day, and the market showed slight range fluctuations. Bitcoin faced resistance after rising to the 96,200 level at the end of the year and then retraced. Yesterday, it rebounded again after reaching the 92,800 area, and currently, it has risen to the 95,000 level but is facing resistance again. In the short term, it has returned to the 94,800 area. Yesterday, the idea was to rebound and short, but due to the market being closed, there wasn't much of a rebound, and the market continued to decline, with the bearish idea from yesterday realizing a 1,000-point drop.

From the daily chart perspective, the market remains in a weak formation in the short term, continuing to trend downwards with ongoing fluctuations. The rebounds are not significant, and the downward structure has not changed due to the brief rebound. Therefore, we continue to maintain a bearish outlook. Similarly, the rebound action on the 4-hour chart has not been sustained, with the price rebounding to the upper band area before facing resistance and falling back. Under the condition of a generally bearish structure, the rebound has not been sustained, so we will continue to maintain our bearish outlook.