Bitcoin showed typical technical correction characteristics this morning, oscillating at high levels to find direction. The current price hovers around $91,300, with a low of $90,635 in the early hours, then rebounded to $91,500 before pulling back again. The range of 90,600-91,800 has become a key battleground. As long as the $90,000 level holds, the long-term bullish structure remains intact.

From a technical perspective, it's quite interesting. Although the daily candle closed bearish and broke below the 30-day moving average, the 120-day moving average is still supporting the price. The MACD indicator remains above the zero line. In simple terms, this is a normal correction after a rapid surge, and the overall bullish trend is not broken. On the 2-hour chart, the long lower shadow halted the decline, with green bars shrinking and bearish momentum clearly weakening. However, the bulls have not yet organized an effective counterattack, and the price is still oscillating below the 7/30-day moving averages, indicating a short-term weak trend.

Volume analysis is noteworthy. During the pullback, trading volume contracted, and during the rebound, volume remained insufficient. The market is waiting. Waiting for what? For macroeconomic data and policy signals. The US dollar is under pressure due to strong ISM services data, and risk assets are also under pressure. This week’s US inflation and non-farm payroll data are critical and could ultimately determine the market direction.

Institutional dynamics are somewhat subtle. ETF fund flows are diverging: BlackRock’s spot Bitcoin ETF continues to attract capital, but there is also significant short-term selling pressure. The battle between long-term bullish sentiment and short-term profit-taking is heating up. Regarding regulation, a hearing on the structure of the crypto market is imminent in the US, and subsequent actions are worth watching.

In summary: holding above $90,000 without breaking down keeps the bulls in the game; $91,800-$92,000 is the first resistance zone, and a breakout could lead to $92,500-$93,000.