Bitcoin's recent performance has indeed been somewhat tangled. Yesterday, it was reported at $91,125, with a 24-hour decline of nearly 1.06%, fluctuating between $91,018 and $94,021. In terms of market capitalization, it has approached the $1.82 trillion mark.

The logic behind the market trend is actually not complicated—expectations of Fed rate cuts are no longer as optimistic as before, and the market's reaction has been to surge initially and then pull back. Yesterday's 24-hour liquidation volume exceeded $400 million, indicating a clear intensification of the battle between bulls and bears.

From a technical perspective, the short-term outlook is indeed weak. The $91,000 level has become a key support; losing it would increase the risk. The $93,000 level is a resistance point. But more importantly, the medium-term bullish structure has not been broken, which shows that the long-term trend remains resilient. Moving forward, two key factors to watch are: first, policy developments; second, the inflow and outflow of ETF funds. These two factors have the most direct impact on the future direction.