Currently, the major fluctuations remain in the range of $94,000 to $96,000, with both bulls and bears in a state of stalemate. The pressure level above $96,000 has been tested multiple times without success, while the support level below $94,000 has shown strong resilience. This narrow range of fluctuations indicates that the market is waiting for a new catalyst to break the balance.
From a technical perspective, the RSI indicator on the 4-hour chart is currently in a neutral zone, indicating neither overbought nor oversold conditions, which means the market lacks a clear short-term direction. Recent trading volume has also shown signs of contraction, suggesting a strong wait-and-see sentiment among investors. If the price is to break through $96,000, it must be accompanied by a significant increase in trading volume; otherwise, it may fall back again. Conversely, if it drops below $94,000, it could trigger short-term stop-loss orders, further probing key support levels at $92,000 or even $90,000.
Overall, Bitcoin is currently at a critical decision-making stage, with a slightly higher probability of breaking upwards, but still requiring cooperation from macroeconomic and funding conditions. The next 48-72 hours will be an important observation window; if the price fails to break through $96,000, caution should be exercised regarding the risk of a pullback.