Last night, Bitcoin made another move, and it's struggling to go above around 93,500. Should I get in? Will there be a pullback? These questions have been the most asked recently. I’ll review the recent data and technical analysis for everyone.

Let’s start with a few numbers. The biggest whale on one chain holding BTC now has an unrealized profit of over $20 million, with a position worth $818 million. Just from this wave of trading, the gains in ETH and BTC alone have easily exceeded $17 million.

On the retail side, realized losses last week reached $511 million — this number alone says a lot. Many retail investors have already exited, and this kind of "panic selling" often signals that the correction is nearing its end in history.

So, what is actually driving the upward movement? Institutions. On the surface, the situation in Venezuela seems to be a hot topic, but the real driving forces come from three aspects: institutions continuously entering through ETFs, daily net inflows sometimes soaring to $500 million; regulatory attitudes turning more friendly, with Wall Street systematically allocating to Bitcoin; plus, the AI boom has fueled the entire risk asset market, with Bitcoin rising along with tech stocks.

Back to the current situation, the core contradiction is that institutions are buying while retail investors are selling. The overall trend is fine, but in the short term, there are still some hesitations. If you're not very clear about specific key points, it’s more reliable to keep an eye on the technical analysis.