The range between 91,500 and 92,000 is very critical — it serves as the lower support during the previous consolidation phase and coincides with the high point of the rebound on the morning of January 8th. From a daily chart perspective, this area still faces resistance from the 30-day moving average. After the price broke below yesterday, the technical characteristic of "support turning into resistance" has been validated. The early morning rebound attempt to break through was blocked at this level, followed by a pullback.

Looking at the hourly chart, the situation is less optimistic. It has formed a typical weak pattern of "lower highs and lower lows," indicating that the buying momentum is waning. Regarding the MACD indicator, the fast and slow lines continue to diverge below the zero line, with the green bars still expanding, indicating a strong bearish sentiment. The moving average system has already turned downward, forming a standard bearish alignment. Although the RSI rebounded to the neutral zone of 55, it is quickly weakening again, reflecting insufficient momentum for a sustained rebound.

In terms of trading strategy, Bitcoin can be shorted within the 92,000 to 91,500 range, with a target around 89,000. The same logic applies to Ethereum: a short position can be set up between 3210 and 3180, with a target near 3070. The current rhythm suggests that the rebound is encountering resistance, and the probability of further decline remains high.