$BTC The early morning market shows characteristics of "positive news turning negative." Bitcoin quickly fell back after a brief rebound to 94500, and the current price has dropped below the early morning fluctuation midpoint to around 92400, forming a structure of declining rebound highs, indicating weakening bullish momentum and heavy selling pressure above.
From a technical perspective, the 4-hour chart's moving averages show a tendency to turn into a bearish arrangement, and the RSI is in the weak zone below 50. Combined with the shrinking volume during the rebound and increasing volume during the decline, this indicates that bearish momentum is strengthening. If the price remains below 92500, it may retest the previous low support at 91900.
The short-term key resistance is in the range of 93000-93500. If the rebound cannot break through this area, the bearish pattern will remain. Once the support at 91900 is broken, the downward space may further open up to around the 90500-90000 level. Attention should be paid to signals of pressure after a weak rebound.
