Bitcoin started to correct from the high of 95,531 yesterday, oscillating downward all the way, with the lowest dropping to around 91,910. Ethereum's performance was largely in sync, dropping from 3,233 with little rebound since, now repeatedly testing around 3,164, and the entire market sentiment feels weak.

From the daily chart, the downtrend channel is quite orderly. After the previous surge and pullback, the market has completely shifted into a oscillating downtrend. The bearish momentum continues to be released, with prices firmly pressed below the short-term moving averages, which are beginning to diverge downward—this is a clear bearish signal. The four-hour chart is more intuitive: prices are pressed against the lower boundary of the channel, with higher highs decreasing and lower lows constantly being made, fully confirming the bearish trend on the daily chart.

The current market logic is very clear: the bears are still in the exertion phase, and the rebounds in between are just corrective moves, not trend reversals. These rebounds are just building momentum for the subsequent decline. Therefore, today's strategy remains to go short at high levels, focusing on the resistance around 93,500-94,500.

Specifically, watch whether the two zones at 93,000-93,800 and 94,300-94,800 can hold. If these levels cannot resist, consider short positions. Support levels below are at 92,500, 91,800, 91,000, and 90,300. If 91,000 also breaks, then look at 89,300, 88,300, 87,500, 86,800, and 86,300. The most critical level is 94,500—if it can hold here, it could signal a reversal.