On Monday morning, Bitcoin surged to around 92,390, then entered a period of repeated fluctuations. This price level has clearly become a temporary ceiling, with multiple failed attempts to break through, and the upward momentum is weakening.

From a technical perspective, the situation is not very optimistic. The short-term MA7 moving average has already turned downward and diverges from the MA30 moving average. The price repeatedly fluctuates around 92,200, remaining below the moving averages, indicating insufficient buying support in the market. The candlestick patterns are also quite interesting—after a rally, a bearish engulfing pattern appears, which is a typical bearish signal. During the pullback, the bodies of the red candles are getting larger, showing that the bears are continuously releasing pressure.

From a support and resistance standpoint, 92,500 is a recent strong resistance level, with support below at the 90,800-91,000 range. However, this support was briefly broken earlier, and its strength has diminished. If the price cannot quickly recover above 91,500, it is likely to further decline toward the 89,800-90,000 range to seek support.

From a trading perspective, consider short positions in the 92,500-93,000 range, with targets around 91,000-91,500.