I. Market Overview

Based on the provided candlestick (K-line) data, the current reference price for BTC is 93,347.6, which is the closing price of the most recent daily K-line. Over the past 14 days, BTC's price has generally shown a pattern of first retracing and then rebounding: previously, it fell continuously from the high of around 106,011, reaching a low of 83,822.8, and has recently stabilized and rebounded above 93,000. In the last 48 hours, hourly K-line data shows a volatility range roughly between 87,200 and 94,150, indicating significant fluctuations. This suggests active short-term capital and a certain degree of market elasticity. From a volume perspective, on the daily K-line level, there was a surge in volume during the prior decline (e.g., 32,078.7 traded on the 86,286 day), but the recent recovery lacks notable volume increases, indicating cautious buying interest. Combining news and analyst views, the current market is mainly oscillating, with focus on macro policies and institutional movements. In terms of market sentiment, based on news and analyst commentary, both bullish and bearish positions switch flexibly, and investors remain alert to both tops and bottoms.

II. Technical Analysis
1. Support and Resistance: Over the past 14 days, the main support is in the recent low range of 83,822.8—86,116, with strong support around 84,800. On the upside, resistance levels are at 94,150 (recent daily high) and 96,043—96,846.7 (previous high range). Additionally, hourly K-line highs in the past two days are clustered in the 94,150—93,750.7 range, indicating clear short-term resistance.
2. Trend Judgment: BTC has sharply retraced from the high of 106,011 fourteen days ago, forming a three-wave decline, bottoming at 83,822.8, and then oscillating and recovering within the 89,000—93,000 range. The daily K-line has posted three consecutive bullish closes, approaching the previous high of 94,150, but pronounced intraday volatility suggests that the upward momentum has not been fully unleashed, and further short-term adjustments may occur.
3. Volume Analysis: Overall, volume surged during the sharp decline, but the rebound has seen a contraction in volume. This indicates that panic selling was largely flushed out during the drop, but upward momentum has yet to fully gather, and bullish potential exists but requires new catalysts.

III. News and Policy Interpretation
Latest reports show Malaysia is actively cracking down on illegal BTC mining, which has caused losses to power supplies. On the institutional side, Strategy Inc. has set aside $1.44 billion in cash to prepare for a bear market, and MSCI index adjustments may trigger passive outflows, but analysts believe there may be contrarian bullish potential. Over the past seven days, ETF inflows have surged, with blockchain ETF inflows reaching a seven-week high; this dynamic between institutional and passive funds may further impact BTC's holder structure. Comparing news and K-line sequences, after recent policy and institutional developments, BTC has been trading in a range, suggesting the market has largely digested sudden bearish news, while responding positively to institutional accumulation and ETF inflows. On the policy side, there have been no new major BTC-specific policy announcements over the past 24 hours, week, or month, providing the market with a relatively stable external environment.

IV. Analyst Viewpoints Integration
Analyst opinions show significant divergence between bulls and bears, with highly targeted short-term strategies. Original statements are as follows:
- mia community member group: "#btc Night-time long position setup: entry 90,800-90,200; take profit: 92,400-94,000; stop loss: 89,200"
- Feiyang member group: "Contract strategy, specific product: BTC; direction: long; entry: 91,530; stop loss: 89,710; take profit: 96,216"
- Crypto Sniper: "#BTC/USDT多头买入:95300-96200TP1:93601TP2:91800TP3:90300TP4:89000:97000建议杠杆20X-75X”- Chen Ge Contract Member Group: 'BTC enter short near market price 93,500'"
- Chen Ge Contract Member Group: "Congratulations again to those who followed the BTC short. Short-term traders can take profit and exit; for medium- and long-term, take profit on 50% and protect cost, continue to hold. Near market price for BTC."

Analyst views are broadly consistent with current K-line prices; for example, "short near 93,500" clearly echoes the current benchmark price, and the long position setup range closely matches the recent lows (e.g., 90,500—91,000 area). However, the take profit range (92,400—96,216) and short position protection indicate that market participants have no consensus on breakout direction. Overall, speculative traders mostly use range-trading strategies, while trend investors are advised to take profits in batches and protect cost.

V. Future Trend Forecast and Operational Suggestions
Based on actual K-line levels, BTC is highly likely to remain in a range-bound pattern in the short term:
1. Support: Watch 91,277.9 (previous day's close); breaking below increases the risk of testing lows around 90,000 and 87,000.
2. Resistance: At 93,750.7 and 94,150; if the daily close can hold above 94,200, there is potential to challenge the 96,000—96,846.7 high resistance zone.
3. Operational suggestions: The current price is near the upper range boundary. Short-term, it is advised to be cautious about chasing highs. Consider waiting for a pullback to the 92,000—91,200 area to observe support strength before gradually building long positions, with a stop loss below 90,000. If the rebound fails, consider shorting toward the 89,000—87,000 range. On the bullish side, a strong breakout above 94,150—94,300 opens the way to the 96,000—97,000 zone. For shorts, watch for resistance at 93,500—94,000 for short-term trades, take profit in a timely manner, and establish protection.

VI. Risk Warning
From the K-line fluctuations and volume, the current BTC market remains highly volatile with low volume. Sudden news (such as large institutional fund flows or major ETF adjustments) could disrupt the current balance, potentially causing sharp price swings. The main support lies in the 90,000—87,000 range; if breached, there is significant downside risk. Operations should closely monitor breakout signals and strictly enforce take-profit and stop-loss strategies to guard against short-term shakeouts and false breakouts. Long-term funds should avoid blindly chasing highs or selling lows and maintain low leverage risk control.