BTC short-term view: Can it hold at 94760? According to market analysts, this is a critical threshold.

Spot ETF continues to see inflows, and the 24-hour trading volume has remained at the trillion-dollar level in recent days, indicating a solid foundation. However, the news of the delay in the crypto legislation has caused many funds to adopt a wait-and-see attitude. Therefore, the one-hour chart for BTC shows some discomfort—fluctuating around the 94760 level with no clear direction.

From a technical perspective, the situation remains somewhat severe. The moving average system is currently in a death cross pattern, with bullish momentum clearly waning. Each rebound lacks strength; often, it doesn't rebound much before falling back down. The price is trapped within a short-term downward channel, with obvious resistance above.

The 94760 level is very critical. If it can hold, BTC will continue to oscillate at high levels, waiting for a second attempt to break through the 98000 resistance zone, which is a multi-cycle resonance area. But if it effectively breaks below and cannot recover on the four-hour chart, problems may arise—once the false breakout risk increases, the market could move downward, with the first target near the 91760 support level around the 20-day MA on the daily chart.

From volume and market sentiment, today's one-hour volatility has already converged significantly. Single candlesticks lack continuity, and bulls and bears are locked in a tug-of-war, with no clear advantage. There are no signs of large funds entering or fleeing the market at the moment. The possibility of a short-term trend going purely in one direction is low. As always, it's more prudent to anchor on key levels and follow the trend rather than subjectively guessing the direction. Wait for the market to give clear signals before taking action.