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 U.S. stock market closing, the magnitude of the pullback is larger compared to previous fluctuations.

On the hourly chart, the accelerated volume of short positions in a short time helps the price break the lower boundary, expanding the opening of the bag. The lower boundary and technical indicators are all pointing downwards, but with the reduction in the volume of the short positions, the space will not be too large. The focus remains on whether the strong support level of 93500 can hold.