Currently, Bitcoin is in an early stage of being trapped in a range, where a large number of trapped positions are accumulated. It is unrealistic to break through easily unless there is a significant positive development or sufficient momentum is accumulated after a thorough adjustment.

From a technical perspective, Bitcoin has rebounded close to the Fibonacci 0.618 level, and the likelihood of a short-term surge to $100,000 is low. Especially with the upcoming Token2049 conference in Dubai, the market is also concerned about the inertia of 'falling during conferences', so caution is needed for short-term operations.

Another key reference is the 120-day moving average, currently around 91,700. Bitcoin is temporarily holding above this level, and the short-term structure remains stable. However, if it falls below this support, it may trigger a weakening of market sentiment or even panic selling.

Overall, caution should be the priority at this stage. The higher the short-term rise, the more one should consider taking profits in batches rather than blindly chasing highs. During the consolidation period of Bitcoin, some funds may flow into the altcoin market, so it is advisable to pay attention to rotation opportunities; however, if Bitcoin falls below the 120-day moving average, it is essential to prepare for a reduction in positions for defense.