After last week's strong rise, BTC is now hovering around $94,900.

Although bulls are trying to sustain the upward trend, prices still have not broken through the key resistance area of $96,000.

As prices enter a sideways consolidation, market sentiment tends to be cautious, and the next few days may determine whether Bitcoin continues to advance or enters a phase of adjustment.

$96,000 has become the focus of resistance, and the pace of bulls is slowing.

Since Bitcoin rose 12% last week, the short-term bullish trend has been reestablished.

The current upward momentum has clearly slowed.

Bitcoin has failed to effectively break through $96,000 for several consecutive days, making this critical juncture the core of the short-term market's bullish and bearish struggle.

If a breakout is not achieved, prices may continue to oscillate between $92,000 and $96,000.

The breakthrough point for further upward movement will be $100,000—once this strong psychological resistance is overcome, it may ignite a new round of price increases.

On the contrary, if prices remain suppressed below $96,000, it may exacerbate market caution and even trigger a short-term pullback.

$90,000 support becomes the bottom line for bulls, with market attention on risk areas

The $91,000 to $92,000 area below is currently an important support zone for Bitcoin.

If this level is lost, the price may quickly drop to $87,500, close to the confluence of the 200-day moving average and the previous demand area.

This area may become crucial in determining whether Bitcoin maintains a bullish structure.

Analysts point out that if Bitcoin falls below the $90,000 mark, it not only indicates that the bullish trend may be interrupted but may also trigger a deeper correction.

Therefore, maintaining above this support level is crucial for the overall market structure.

On-chain data releases positive signals: surge in participation, are retail investors returning?

Although the technical aspects seem slightly pressured, on-chain data shows that market activity is on the rise.

The number of active Bitcoin addresses broke 800,000 yesterday, setting a new recent high.

Although this number has not reached historical peaks, it represents a rebound in market participation enthusiasm, increased investor activity, and particularly, the potential return of retail funds.

The trading activity of DEX and CEX is synchronously warming up, further corroborating the return of capital flow.

Such on-chain signals often indicate a potential rebound in market demand, which could support subsequent price increases.

The macro environment still poses uncertainties, and sudden negative developments should be monitored.

Although the on-chain fundamentals are improving, macro-level instability factors still pose risks.

For instance, geopolitical tensions between the US and China, trade barrier disputes, and concerns over a potential global economic recession could suppress the prices of risk assets.

Any sudden significant macronegative development could become a potential resistance for Bitcoin's price movement and might even trigger panic selling.

Therefore, although the market appears bullish in the medium term, investors must remain vigilant against external events impacting sentiment.

Summary: A critical moment is approaching, and the direction will soon become clear

Bitcoin is currently at a crossroads of technicals and sentiment. On one hand, active on-chain data and a rebound in investment enthusiasm provide a basis for sustaining the upward trend; on the other hand, prices are constrained below $96,000, facing directional choices in the short term.

If bulls can strongly break through this resistance and move towards $100,000, the market may welcome a new round of bullish momentum.

If prices fall back and lose the $91,000 support, the short-term trend may face challenges.

The price action over the next few days will be key in determining Bitcoin's next phase.