This morning, Bitcoin has officially started a new round of downward movement, oscillating down from a high of 93,500 to around 91,400. Our short positions have successfully taken profit of nearly 800 points. Although the current price has rebounded to around 92,100, the technical structure clearly shows a bearish dominance: the daily level has formed a 'double top' prototype, and the 93,000 neck line has become a strong resistance; the 4-hour chart's moving average system is showing bearish divergence, with a second death cross below the MACD zero line and the RSI continuing to operate in a weak zone, indicating that this rebound is merely a technical correction within a downtrend.

Key resistance is concentrated in the 92,800-93,200 range, where the morning's breakout platform and the 4-hour MA30 pressure converge. Without a breakout on high volume, this area remains an effective pressure zone. Attention must be paid to the psychological level of the previous low at 91,200 and the Fibonacci retracement support at 89,500. If the price rebounds to the resistance zone and stagnates or breaks below 91,200, it will likely initiate a second bottoming trend. The volume-price relationship shows characteristics of increasing volume on the decline and decreasing volume on the rebound, reflecting weak market momentum. #美联储降息 $BTC

In terms of operation, it is recommended to maintain a strategy of shorting on rallies, with possibilities to gradually position short orders in the 92,600-93,200 range, placing stop-losses above 93,500, and targeting the 91,200-89,500 area. Caution should be exercised if the price breaks above 93,500 on high volume, as this could form a bearish trap; at that point, it is necessary to exit and observe. The lower level of 89,500 serves as a mid-term dividing line between bulls and bears, and a valid breakout will open up deeper adjustment space.