Bitcoin encountered resistance around 94,760 after piercing the previous high of 94,550, then entered a retracement mode. The current price is roughly around 91,000, just at the 0.786 retracement level, with a short-term trendline providing support. This resonance point is quite interesting.

To put it simply, this decline is a normal correction after an upward move; don't overthink it. It's not a trend reversal, just a structural adjustment.

Looking upward, the range between 92,800 and 93,400 is filled with pressure. If there's no effective breakout, don't chase longs. The focus should be downward—between 89,800 and 90,200 (supported by the 1.272 and 1.382 Fibonacci retracement levels, along with moving averages). This is the stronghold that bulls are defending.

But be cautious—if 89,000 is broken, the structure needs to be reassessed, and there’s a risk of a deeper pullback.