Continuous fluctuations in recent days have prevented the Bitcoin price from breaking through the resistance level of 98,500, forming a short-term top. The price even fluctuated downwards and directly fell below the 95,000 level, reaching a low point of 93,300. After that, the price attempted to rebound, but the momentum was not strong, and it is currently consolidating around 95,000. Above, the 96,500 level constitutes direct resistance. On the BTC/USD hourly chart, a key bearish trend line has formed, with the resistance also at the 96,500 level, corresponding to the 50% Fibonacci retracement level of the aforementioned downward trend.

In the short term, the BOLL indicator on the 4-hour chart continues to spread downward, with successive lower highs, and the support below is also continually probing lower. Coupled with the likelihood of a market cycle node, it is expected that the downward fluctuation trend will continue. At the same time, the hourly chart shows clear signs of selling pressure as the price rebounds. After a slight rebound in the morning, the price entered a sideways correction state, and the candlestick chart has not stabilized, with market selling pressure still apparent. If Bitcoin fails to break through the 96,500 USD resistance zone, it may initiate a new round of decline. If the price continues to drop, it may test the strong support level around 91,000 in the short term.

Therefore, during the European session, focus on the resistance situation at the 96,000 level. If the rebound fails to form an effective breakthrough, consider entering short positions at this level. The first support level below to watch is around 93,000, followed by 91,000. For Ethereum, the short-term pressure is at 2,730, with support at 2,600. You can operate in sync with Bitcoin!