The recent market changes are indeed worth paying attention to. Reflecting carefully on the recent行情, I noticed a technical signal that rarely appears on an annual level—the death cross around January 9th. Such signals usually have strong reference significance; the last time I encountered a similar situation was in April 2023 during the early stage of the bull market.

From the price performance perspective, the $98,000 level appears to be quite critical. If this is indeed an effective resistance level, then the downside potential may gradually unfold. Looking further down, there is still a final support at $91,400. Once this support is broken, Bitcoin could accelerate into a bearish decline, which would be the real test.

The current rebound rally is somewhat interesting—both liquidity and trading volume are表现得平平, which is indeed common in typical诱多 scenarios. Frankly speaking, this kind of rebound is very likely to trap retail investors eager to buy the dip. From a technical perspective, the bear market cycle switch is already brewing, and I believe actual price fluctuations will reveal everything.