Bitcoin finally broke out of the previous consolidation range yesterday. After the decline at the beginning of the year, the funding rate turned negative on the 2nd, which usually provides some support for subsequent upward movement. However, from a larger cycle perspective, I still maintain my previous judgment — the main downward trend of Bitcoin has not changed, and this recent rise is more of a correction process.

So where exactly will it rebound to? The immediate support is around 92,000. Based on the spot order depth, there are about 200 sell orders stacked at this price level, making it the nearest barrier. Above that is the 100,000 integer level, where over 1,000 sell orders are gathered. But I don’t think 92,000 will be the final target — Bitcoin is likely to test this level repeatedly, and may need to attempt to break through several times.

If 92,000 is broken, 94,000 becomes the next resistance point, near that parallel high. Continuing upward, the 97,000 to 98,000 region will be the real tough nut — this is a major resistance zone, and the liquidation heatmap over a three-month cycle also shows that liquidations are particularly dense in this area, indicating that a lot of leveraged positions are clustered there.