At present, the daily line has shown a short-term convergence signal after rebounding to the 95000 line. Although this round of increase has significant space and strength, in terms of sustainability, whether linked to US stocks or gold, there are currently no conditions for a direct breakthrough to new highs. For the overall risk market, liquidity constraints still exist. In the short term, the recent net inflow of funds into Bitcoin spot ETFs is continuously increasing, along with the total market capitalization of stablecoins also increasing. However, accompanied by profit-taking at high levels, the upward momentum is weakening. At the same time, in terms of technical indicators, MACD is at a high level in the bullish cycle, and RSI has shown overbought conditions, so there is an expectation of a pullback to adjust the indicators in the short term. On the 4-hour line, the candlestick has shown consecutive bearish fluctuations, the auxiliary indicators have formed a dead cross at high levels, and the 7-day EMA has fallen and broken. There is still a risk of a retracement adjustment in the short term, and one should also be cautious of a 'door' market scenario. Therefore, in the short-term approach, without clear confirmation of support, one should continue to treat the short term with a high short strategy! On Thursday evening, Bitcoin's rebound in the 82500-83000 area still leans towards short positions. Watch the 90000-90600 area below. For Ethereum, it ultimately continues to face resistance below 1850 and has started to pull back, currently having fallen below the 1750 level. Continue to pay attention to the strength of the rebound in the evening; if it cannot stabilize above 1800 again, maintain a strategy of shorting on highs, with the initial target around 1680!