Bitcoin retreated after reaching $96,000 on January 20, and earlier even dipped below the $92,000 support level. Currently, the price is repeatedly testing the bottom near $93,000 but has yet to break through the key Fibonacci retracement level at $94,200. From a technical perspective, the daily MACD volume is decreasing, and the price near the middle band of the Bollinger Bands shows signs of a pullback. On the four-hour chart, the MACD signal histogram is shrinking, indicating that the bullish momentum is clearly lacking. This wave of correction is indeed directly related to the escalation of the tariff war between the US and Europe. Market data shows that over 247,000 traders' positions were liquidated in the past 24 hours, indicating that the risk exposure of leveraged funds is indeed increasing. In the short term, focus should remain on the key resistance at $94,200, as whether it is broken or not will determine the subsequent trend.