Bitcoin rebounded to around $92,600 after falling below $92,200 this morning, currently stuck in a tug of war. From a technical perspective, the 5/15-minute levels have already broken through the "W double bottom" neckline, which is a false breakout confirmation signal. If the price cannot recover above $93,400 in the afternoon and evening, the downside could open up to $91,000. The key is whether it can regain the 21-day EMA (currently at $94,800), which is the crucial point to reverse the downward trend.

Currently, the bulls' hope lies in the 1-hour hammer candlestick pattern above $92,100, combined with RSI bullish divergence, showing some signs of a rebound. However, on the other hand, the 4-hour MACD has already formed a death cross, and trading volume continues to increase, indicating that the bears' strength is accumulating. Once it breaks below $92,000, the downward momentum may accelerate.

Looking at the moving average system, the 21-day EMA has shifted from support to resistance, hanging at $94,800. The key support on the weekly chart has moved down to $90,000. If this line also fails, the next support reference point is the SMA200 at $87,500.

Resistance levels from bottom to top are $92,000, $90,000, and $87,500. On the upside, they are $93,500, $94,800, and $96,200.

**Trading idea**: If the rebound to around $93,500 encounters resistance, consider shorting with targets at $92,200 / $91,500 / $90,200. Place stop-loss at $94,300. This is just personal analysis; everyone must control their position sizes, as taking profits and stop-losses are part of trading life. Don't let emotions control you, and avoid borrowing to gamble everything. Be responsible for your trades.