BTC's market today is really unpredictable. This morning, a big bullish candle surged above 92,000, then quickly retreated back to around 91,700. Many are caught in this volatility—should we continue to chase or wait for a correction? Don't rush to make a judgment; let's clarify the main signals at hand.

【There are three major signals on the news side】

JPMorgan's recent stance is quite aggressive. They explicitly stated that there will be no rate cuts in 2026, and possibly more hikes in 2027. This is a significant blow to the market, essentially pouring cold water on the long-term liquidity expectations.

Even more interesting is the whale activity. A mysterious address has been aggressively adding $60 million in long positions within a few hours, bringing the total holdings to $315 million. Ironically, this address has been a strong short seller before, but now suddenly switches to long—such a major shift often indicates that something is about to change.

Let's also look at the liquidation situation. Data shows that if BTC surges to 93,000, short positions face a liquidation pressure of $352 million; conversely, if it drops below 90,000, long positions face an even stronger liquidation force of $637 million. In other words, the 90,000 to 93,000 range is like a life-and-death line—breaking either side could trigger a chain reaction.

【How to view this situation】

The whale turning long combined with a long-standing liquidation bomb has pushed the short-term battle between bulls and bears into a heated state. However, the hawkish stance of the Federal Reserve may suppress the long-term upward potential. Both sides are betting big, and the key move depends on this sensitive price level.