Last night after the US stock market closed, Bitcoin quickly retraced from the high of 94,400, dropping over 3,000 points to around 91,200. Many people probably caught this bearish opportunity. Currently, the price is stable around 92,500, fluctuating back and forth.

From a technical perspective, the short-term trend is still bullish, but a solid resistance zone has formed above. Multiple rebounds have failed to break through, ultimately evolving into a typical tug-of-war situation. In this pattern, patience is key, and one should avoid rushing into a one-sided position. The crucial point is whether the 91,800 support can hold, as this will determine the next direction.

If Bitcoin retraces to the 91,700-90,800 range in the morning, consider setting up long positions, with the initial target around 93,000-93,700.