Today in the crypto world, we are witnessing a rollercoaster of market conditions. Bitcoin repeatedly battles around the 95,000 level, surging up to 96,800 before being pushed down by bears, dropping back to 94,900. Currently, the market is oscillating around 95,000, with bulls and bears in a stalemate. This moment tests participants' patience and decision-making skills the most.

From a technical perspective, the short-term trend is destined to be mainly volatile; don't expect a one-sided surge. The 97,000 level above forms a clear resistance. If a breakout fails, a pullback pressure will continue to build. The 94,800 level below is a critical support line for this rebound. If broken, there is a risk of further decline to 94,000-93,000, making risk management an essential option at that point.

More importantly, attention should be paid to the movements of on-chain whales. In recent weeks, whales have been steadily transferring billions of assets to mainstream exchanges, with Bitcoin and Ethereum each accounting for about half of the volume. Interestingly, inflows of stablecoins into exchanges have remained relatively stable, with no significant increase. This indicates that large holders are rebalancing their assets, while new buying pressure has not followed. This is not simply a sign of panic selling but a tactical adjustment of large funds' positions.

Additionally, the market is still digesting multiple shocks: progress on the US crypto regulation bill has cooled, while new regulations in Hong Kong have clarified the direction for compliant assets. Trump coin has plummeted from $80 to $30, causing significant losses for retail investors, further confirming the rapid shift in market risk appetite.