Yesterday, the Bitcoin icon fluctuated around 94,000, moving a few hundred points up and down. Overall, it still remains within the range of 92,000 to 95,600. My viewpoint here hasn't changed; the upward space is at most around 3,000 points, which is very limited. For medium-term investors looking to buy on dips, the risk-reward ratio at this position is too low. Even if it manages to break through 98,000, the actual return on spot would only be about 4%. If it later retraces down to 84,000 (the specific retracement level will be assessed later), and considering interest rate cuts in mid to late June, it could reach around 110,000 in the second half of the year, providing nearly 30,000 points of space. Even for spot, that would mean nearly a 35% return, so medium-term investors need to be patient and wait a bit.

Currently, the 4-hour and 1-hour MACD are in a death cross state. From a technical standpoint, a short-term pullback is needed here, but the major players have not allowed the price to drop too much and are still operating within the range, so we will wait for the major players to break this balance.

On the daily chart, after rising for seven consecutive days, it has not continued to make new highs in the past two days, and the MACD histogram shows a narrowing trend. If it breaks down from the range, the MACD on the daily chart will form a death cross, indicating that this round of daily rebounds will come to an end. Currently, the 20-day moving average is around 87,600, and the expectation is that after it breaks down from the range, the first target will be to test the support of the 20-day moving average.

On the weekly chart, if we want the weekly MACD to form a golden cross, a strong upward movement is necessary, but the probability of a strong upward movement here is too low, and neither the news nor the technical aspects support it. The weekly structure needs to retrace once more.

Summary:

1. Bitcoin is currently operating within the short-term range of 92,000 to 95,600, and I believe there is a high probability of a downward breakout from this range in the future.

2. The opportunity for medium-term investors to buy Bitcoin on dips has not yet arrived; we need to continue waiting.