After the daily line on $BTC rebounded and reached the 95000 line, a short-term observation signal appeared. Although this round of increase has been significant both in space and strength, from the perspective of sustainability, whether it is linked to U.S. stocks or gold, currently there are not conditions for a direct breakthrough of new highs. For the overall risk market, liquidity constraints still exist. In the short term, the net inflow of funds into BTC spot ETFs has been continuously increasing, along with the total market value of stablecoins also rising. However, accompanied by profit-taking at high levels, the upward momentum has weakened. Additionally, in terms of technical indicators, MACD is at a high level in a bullish cycle, and RSI has shown overbought conditions. In the short term, there is an expectation for a correction to repair the indicators. On the 4-hour line, the candlestick has been fluctuating downwards with consecutive bearish movements, the auxiliary indicators are showing a dead cross at a high position, and the EMA 7-day line has been crossed downwards. There remains a risk of pullback adjustment in the short term, and caution is needed for the emergence of a market pullback. Therefore, in the short-term strategy, without a clear confirmation of support, it is advisable to continue with a bearish outlook!