Bitcoin broke through $94,000 the day before yesterday, and yesterday experienced a significant drop. However, as we mentioned before, as long as BTC doesn't fall below $91,000, there is still hope. The good news now is that the price is still stuck around $92,000. If there can be a decent rebound in the next few days, following the rise of the US stock market is not a dream. But to confirm a successful rebound? It needs to effectively break through $97,000. The problem is that the sell orders at $94,000 are too heavy now, making this quite challenging. Don't expect an easy pass in the short term.

From on-chain data, although the price has returned above $92,000, the activity on the chain still isn't very vigorous. To support a breakthrough of $97,000, a larger rebound is needed. Currently, market enthusiasm is uncertain, and trading volume is also weak, so on-chain activity hasn't shown much progress lately. But with the holiday coming to an end, those investors who have been holding back are about to re-enter the market. This dull situation might change in a few days.

Another key point: starting today, the US will release a series of data over the next three days. Tonight, the focus is especially on the ADP Non-Farm Employment Change, because the data from December last year was somewhat unreliable—due to the government shutdown in November, many data points were delayed or not counted at all for November. So this month's data will be an important reference. The market generally believes that the Federal Reserve will not cut interest rates this month, so the upcoming data will directly influence the probability of future rate cuts. It’s foreseeable that the market will experience some volatility during this period.