Last night, the market experienced quite a few changes. Bitcoin struggled to hold the critical support level at 93,000, but ultimately failed to stay above it and then continued to decline, reaching as low as around 92,000. Currently, the price is fluctuating between 92,300 and 92,500, with most short-term moving averages having been broken, indicating a clear weakening of the technical structure.

From the MACD perspective, a death cross has already formed on the 4-hour chart, and the bearish momentum is still accumulating. More telling is that during the decline, trading volume significantly increased, but each rebound was accompanied by a severe decrease in volume—this indicates a lack of buyers to absorb the sell-off, and the market's capacity to support higher prices is weak.

If the price continues to be suppressed below the 92,500-92,800 range and remains stuck, it is highly likely to test lower support levels around 91,500 or even 90,500. The bears currently hold a clear advantage.

In terms of strategy, consider focusing on whether 92,600 can be broken through. When the price rebounds to this level, observe the strength of the move. If the rebound is weak, you might try to set up short positions, but be sure to place stop-loss orders strictly above 93,200. Conversely, if a strong breakout suddenly occurs, cut losses decisively and wait to see how the market develops.