Bitcoin failed to continue its rise yesterday and instead entered a consolidation phase, and today it has already broken below the previous low. From a larger time frame, this wave still appears to be a rebound structure, but risks are gradually accumulating.

Currently, focus should be on the 94,000 level—if it is broken, the next line of defense is around 91,000. From the rebound high of 98,000, the current trend is indeed in a high-level oscillation. The 91,000 level is particularly critical; if it cannot hold, the probability of creating a new low will significantly increase.

It is recommended to closely monitor the performance of these key levels, as they directly determine the subsequent directional choices.