I. Market Overview

Based on the daily K-line data for the past 14 days and the hourly K-line data for the past 48 hours, BTC is currently closing at $92,512, forming the latest reference price. Recent price fluctuations have been quite drastic, with the daily high reaching 94,589 (according to the high K-line). In the past two days, on an hourly basis, BTC has repeatedly tested the price range above 92,000 and 94,000. Within the last 48 hours, the price once quickly rebounded from 90,434 to 92,707, then pushed further up to 94,187, reaching a stage high before pulling back. In terms of trading volume, the daily average over the past two days has remained at a high level, especially during rapid intraday rallies and corrections, accompanied by evident spikes in volume, indicating increased market activity. Overall market sentiment is quite complex, with fierce battles between bulls and bears. According to analysts’ views and market news, BTC is in a tug-of-war between bulls and bears, with some analysts favoring partial profit-taking at this stage, while others remain optimistic about challenging the upper resistance zone. On the news front, positive developments such as the proactive advancement of CFTC policies, ETF innovations, and increased mainstream acceptance of crypto assets have acted as catalysts for short-term price surges. However, some commentary has also warned of pullback risks after rapid increases, and certain analysts suggest that the short-term has entered a profit-taking zone and recommend caution.

II. Technical Analysis

K-line data shows that the previous large volatility range was 89,500 to 94,589, with multiple failed attempts to break higher, and price highs concentrated in the 94,000—94,500 range. Strong support below appears at 90,000 and below 89,000, which have been tested several times recently but not effectively broken. The daily chart shows the price gradually rebounding from a low of 88,908 and oscillating repeatedly between 91,000—94,000, with multiple hourly pullbacks showing very clear short-term support. Technically, 92,000—92,500 has become the key battleground; if this range is broken, downside risk increases significantly. If BTC can reclaim and hold above 94,000, a new round of bullish momentum may ensue. In terms of volume, the day before yesterday saw a single-day spike of 19,085 BTC, falling back to 312 BTC yesterday, showing that after major fluctuations, active trading decreased and short-term capital turned cautious. Hourly stage highs were accompanied by volume surges, mostly occurring during rallies to highs or sharp pullbacks, indicating high participation from short-term buyers or profit-takers.

III. News and Policy Interpretation

From the news, the CFTC advancing crypto pilot programs has provided a policy-level boost for mainstreaming assets like BTC, directly fueling recent BTC enthusiasm and triggering a positive market response. News also mentions ETF trading innovations and further participation from mainstream capital, with the market structure gradually improving, providing institutional support for asset prices. Stimulated by these macro positives, BTC prices saw short-term breakouts, rapidly testing 94,000. Concurrently, news highlighted large-scale liquidations, with over a million traders forced to close positions, demonstrating that the rally came with extremely high risk, triggering widespread liquidations in the short term. It is worth noting that according to policy statistics, there have been no major new policies in the past 24 hours, week, or month, and the positives mainly stem from positive market feedback and future expectations.

IV. Analyst Viewpoints Integration

According to the "Big Beautiful Member Group": "BTC is about to reach the first profit-taking zone, you can take 30% profit in the 93,000-93,500 region, with the rest of the position's stop-loss/profit unchanged." The "Brother Chen Contract Member Group" says: "BTC hit stop-loss, waiting for the next trading opportunity." "Brother Sanma Crypto Analysis" emphasizes: "BTC long positions take profit on 50% of the position profits... notified in advance that the 90,000 support long position would profit as BTC surged to 94,500+! It automatically reached our second profit target for the long position!" All these analyst views point out that BTC has completed a round of strong attack and is approaching the main resistance zone, suggesting partial profit-taking at this stage or waiting for new opportunities, with general agreement on the key short-term support range of 90,000—92,000. Actual market movements have been basically consistent with analyst predictions, with price encountering strong resistance at the 94,000—94,500 range as expected, partially pulling back, and the 90,000—92,000 support range playing a critical role multiple times. Short-term trading is active, with most short-term profits already realized, and the market is entering a new phase of consolidation.

V. Future Trend Forecast and Operational Advice

Based on the K-line structure and market performance, BTC is currently in a high-level consolidation, repeatedly testing the 94,000—94,500 resistance area in the short term, with limited upside space before a clear breakout. For support, 91,000—90,000 forms a key stage support, which, if lost, could further test 88,000. If 92,500 and 92,000 can hold, there is hope for another push toward 94,000 or even testing 95,000. In terms of operational advice, for investors already in position, if you have laid out at the 90,000—92,000 low range, you can follow analyst recommendations to take partial profit in the 93,000—93,500 area, and use a trailing stop for the rest to protect profits. If there is a subsequent pullback to the 91,000—90,000 strong support range, watch for new buying opportunities. For short-term trades, focus on buying low and selling high, avoid chasing rallies, and wait for a breakout above 94,600 on volume or a meaningful correction before making further decisions.

VI. Risk Warning

BTC market volatility has been extremely high recently, with a 24-hour high-low range greater than $5,000 and sudden surges in trading volume at times, making short-term liquidations or forced margin calls very likely. The K-line shows that if the price effectively breaks below 92,000 and 90,000, the risk of testing 88,000 or even lower cannot be ignored. Investors must closely monitor the relationship between volume and price, avoid chasing highs, strictly implement a phased profit-taking and stop-loss strategy, and adjust positions promptly to respond to sudden risks.

In summary, BTC's current momentum at high levels is turning cautious. It is recommended to focus on changes in key support and resistance zones, strengthen risk management, and maintain a flexible trading strategy.