Bitcoin failed to hold the crucial support level of $93,000 in the early morning, followed by a fierce downward move. The lowest point once reached around $92,000, and currently it is fluctuating around $92,300. The technical outlook has already broken the short-term moving average support on the hourly and 4-hour charts, and the overall structure is clearly bearish.

From the momentum perspective, the MACD on the 4-hour K-line has formed a death cross at high levels, indicating that the bearish energy is continuously accumulating. More painfully, during the decline, the trading volume was increasing, but during the rebound, the volume started to shrink, which shows that the market's capacity to absorb buy orders is severely lacking, and the sell side is clearly more active.

If the price continues to be suppressed below the $92,500-$92,800 zone, it is highly likely to test lower levels. Pay close attention to the support levels at $91,500 and $90,500.

Overall, the judgment is that the bears currently hold the initiative. In terms of trading strategy, you can monitor the performance around $92,600. Once the rebound shows weakness, consider taking a small short position, but the stop-loss must be strictly placed above $93,200—no ambiguity. Conversely, if the price suddenly breaks out strongly, you should immediately cut losses and wait to reassess the trend direction.