Bitcoin's recent price movements are indeed quite interesting. Looking at the daily chart, it has been down four consecutive days. The previous high of $94,500 has been tested multiple times but was not broken through. Currently, it is pulling back to test the previous key support.

From the retracement level, the price has already touched that strong support zone. The downward momentum is gradually weakening, and the key factor to watch is how the daily candle closes today. If it closes with a solid bullish candle, it will be a short-term sign of a trend reversal, likely initiating a small wave of upward movement. The first target would be around $98,000—aligned with the previous high.

Conversely, if the support level is not maintained, the price could continue downward. The next important support is around $88,000, which is the bottom of the previous consolidation zone. From a longer-term perspective, the head pattern has been basically confirmed. The entire market is still in a sideways downward trend, and it will take more time to build a bottom. The medium-term outlook remains bearish.

Looking at the capital flow, we can sense a change in institutional attitude. After a brief two-day net inflow, Bitcoin ETF funds have recently switched to large-scale net outflows, and the outflow scale continues to grow. This indicates that institutional investors are cautious at the current price levels, and market liquidity has indeed been affected. However, from a technical standpoint, the price is now approaching the support line of the recent low in the downtrend, and the demand for a technical rebound is building up.