BTC is clearly pulling back near its all-time high. From the daily chart, it has entered a high-level wide-range oscillation mode, and the short-term trend has obviously weakened.

The $92,000 area is currently the battleground between bulls and bears—there was heavy trading volume earlier, and technically, a rebound is needed. But the problem is that the resistance above $100,000-$105,000 is really strong. If trading volume can't keep up, the so-called rebound is very likely to turn into a "weak rebound," followed by further decline.

From a mid-term perspective, as long as the $85,000 level holds, the overall framework is still a deep correction within a bull market, so it's not a big issue. But once it effectively breaks below that, we should be alert to the risk of retracing to $75,000 or even $65,000. This is not alarmist talk; it’s a realistic assessment of the risks.

In terms of trading, the smartest approach now is to control your position—don't chase the rally, there's no need. Aggressive traders can try small long positions at key support levels, but be sure to set stop-losses; conservative investors should just observe patiently or buy in batches at lower prices, keeping emotions in check. Avoid jumping into emotional dips.