Bitcoin's recent rally has been truly fierce. The spot price remains firmly above $91,000, with a clear bullish momentum. Looking at the open interest, the number of long positions hovers between 1.34 and 1.36, indicating a slight but definite advantage for bulls. Even more interesting, the total network open interest has increased by about 4% within 24 hours, and BTC's market cap share has quietly risen to 58.57%. This suggests that market funds are accelerating their inflow.

You will notice that some addresses with large holdings have shifted from a loss to a profit, injecting confidence into the market. More and more community members are saying "BTC can't really fall," and FOMO sentiment is spreading. Although some voices warn of a short-term correction, the support levels below look quite solid, and the downside space is actually limited.

From a capital perspective, it is evident that funds are flowing out of assets like ETH and gathering into BTC. This concentration effect makes BTC particularly resistant to declines in short-term battles, further consolidating its position as a market indicator.

However, this is a delicate moment. Data shows that if BTC breaks through 93000, there is a liquidation risk of $528 million on major exchanges for short positions; conversely, if it falls below 90000, long positions will face approximately $364 million in liquidation pressure. With such a narrow range, the scale of liquidations is already enormous. Any breakout in either direction could trigger intense volatility.

The position at 90588 is especially critical. Whether the daily chart can hold above this red descending trendline will determine if the rebound can officially begin. If the price gets stuck here, there is still a risk of further retests in the short term. It is recommended to follow the breakout, with stop-loss set below the trendline, and closely monitor the market's choices after liquidity recovers next week.