The market this weekend has been quite fierce. Both Bitcoin and Ethereum are pulling back, but this isn't a simple brutal drop—Bitcoin has retested the critical 12-hour support/resistance line, currently trading around 93,000, while Ethereum is at 3211.

Here's my initial judgment: hold the line to rebound, break below and it will continue to fall. Sounds simple, but the underlying logic isn't so optimistic. Recently, market sentiment has been very poor, and we're still far from a true bull market. For Bitcoin to break through the 98,000-100,000 resistance zone, it needs especially strong buying pressure to push the price up; otherwise, it can only continue to decline.

Looking at options data, this judgment is even more sobering. Implied volatility (IV) is still declining, skewness (SKEW) is in negative territory, and large put options consistently account for the largest trading share. These are all signals of market weakness.

What about technical analysis? On the 12-hour chart, the secondary high around 95400 failed—simply put, the bullish positions entered on the 13th last week were pushed down from higher levels, and now the price has retested the previous dense area of positions, which is in the 91900-90500 zone. On the weekly chart, this is also a zone of concentrated positions. Above, there's resistance at 94800-95400.

The key point this week is: can the price stabilize around 92000? Once support is confirmed to be effective, consider entering long positions. If there's no retest and the price is just fake rising with no volume, then be patient and wait. More patience, less action—this is the true test of your mindset.