Regarding Bitcoin's recent market trend, I would like to share some market observations.

The overall approach remains unchanged—shorting at high levels is the main theme. It has been clearly pointed out earlier that the key resistance level is at 91,000, which also serves as the defense line for the bears. During the surge in late December, when prices rose sharply with increased volume, I warned not to chase the highs. The smart move is to wait for a rebound to high levels before considering short positions.

After the pullback, the situation is as follows: the structure is indeed dominated by bears, but at this stage, it is not suitable to directly short at the bottom. Why? Because the price is just around the hourly support zone, which previously experienced a long period of consolidation. No one can say for sure whether it will continue to oscillate or even rebound first. Based on this judgment, the current focus should be on short-term shorting.

If you want to establish a new long-term short position, you need to wait for the previous low at 84,500 to be clearly broken. Only when this level is breached can we confirm that the pattern of continued weakness after a decline and rebound is truly established, and the new bearish structure becomes valid. Until then, the main approach should still be short-term.

Another point to emphasize: waiting for a rebound to short at the high does not mean you should participate in the rebound longs now. Although there was a rebound yesterday, engaging in such long positions can actually be avoided; not participating is also fine with no regrets. Under the current structure, there is no need to take on additional risk just to make one more trade.

Looking at the overall trend, the price is still operating near the hourly support zone, which is still playing its role. Range-bound oscillation is the current rhythm, but the core structure has not changed.