Last night's market data showed that BTC briefly surged to around $94,200 after the US stock market opened, then faced resistance and pulled back, with bearish pressure significantly increasing. Driven by main sell-offs, the price continued to decline, breaking through the $93,000 psychological level successively, with a low of around $92,200. Currently, it has rebounded slightly to around $92,700 and is consolidating.

From a technical perspective, after failing to break through the key resistance zone at 94,500-95,000, a local top structure was formed. Subsequently, the price dropped sharply with increased volume, breaking below short-term moving averages, indicating market sentiment has shifted from bullish to bearish. On the 4-hour chart, the MACD indicator formed a death cross above the zero line and diverged downward, while KDJ and RSI entered the weak zone simultaneously, showing that downward momentum is still ongoing. Additionally, the price has broken below the Fibonacci 38.2% retracement level of the previous rally (around $93,200). If it cannot quickly recover this level, it will further test support in the $90,500-$91,000 range.
$BTC #Gate2025年度报告
Overall, after failing to push higher repeatedly, the market has seen a bearish reversal, with a short-term bearish structure. If the rebound cannot hold above $93,500, it is expected to continue downward to find support, with the next key level to watch at $91,500-$92,000. Traders may consider shorting on rallies that lack strength, with strict risk management.