Bitcoin experienced a brief rebound after yesterday's plunge, currently trading around 92,000. However, the rebound momentum is clearly weakening, and the bulls no longer have much motivation to push higher. From a technical perspective, downward pressure still exists.

What can be observed on the 4-hour candlestick chart? After the rapid decline, no stable support structure has formed. During the rebound, trading volume continuously shrinks, and multiple attempts to push higher have all failed. The buy-side in the market is noticeably diminishing. Coupled with the current interest rate hike expectations still exerting pressure on the market, the combined technical and fundamental pressures make this level one to approach with caution.

The short-term trading strategy is as follows—if Bitcoin rebounds to the 93,000-93,500 range, consider opening short positions, with targets around 91,000-90,500. The market signals are very clear: now is not the time to chase the rally.