The Bitcoin rebound structure has already formed higher highs, and the rebound trend is still ongoing, but the risk has not been eliminated.

There are long positions at lower levels that can continue to defend and hold, while short positions are not recommended to chase longs at the current position.

Two possible future paths:
1️⃣ The rebound completes directly without giving a pullback, followed by a short-term short squeeze before entering a new major downward cycle;
2️⃣ A technical pullback first, confirming the high point, then consolidating, and after probing the 98,000–99,000 range, turning weaker.