The recent trend of the big pancake has shown a slight fluctuation, with prices quickly dipping to around $92,700 after breaking below the support at $94,000. However, bulls quickly retaliated, pushing prices back up to around $93,500. This trend indicates that although the market is under short-term pressure, there is still strong buying support below, especially with a clear defensive zone forming around $92,700.
From a technical perspective, $94,000 has shifted from a support level to a short-term resistance level, and whether it can effectively break through this position will be key to future trends. If prices can hold above $94,000, it may further test psychological levels of $95,200 and even $96,000. Conversely, if the rebound lacks strength and falls back below the support at $92,700, it may further dip to around $91,500, forming a deeper adjustment.
Currently, the market is fiercely contested between bulls and bears, and short-term traders can focus on the fluctuation opportunities in the range of $93,000-$94,000, adopting a strategy of buying low and selling high. If prices break through $94,200 with volume, it may be worth considering light positions to go long; if it falls below $92,700, caution is needed for further pullback risks. Long-term investors can wait for clearer trend signals to avoid frequent operations in a fluctuating market.
