In terms of the overall structure of Bitcoin, this pullback is a concentrated release of bearish momentum after being blocked by high resistance above for a long time, combined with the closing of the US stock market, resulting in a larger pullback compared to previous fluctuations.

On the hourly chart, the accelerated short selling in a short time has helped the price break through the lower boundary, expanding the bag opening, with the lower boundary and technical indicators pointing downwards. However, coupled with the reduction in the volume of the upper trend, the space will not be too large. We still need to pay attention to whether the strong support level of 93,500 can hold.