Bitcoin has entered a period of intense volatility in the high-range zone. The market retreated from yesterday's high of $94,740, quickly rebounded after dipping near $93,000 during the midday session, and in the evening session, market sentiment pushed the price up to around $94,400. However, selling pressure at high levels persisted, and the market entered a tug-of-war phase, with a rapid plunge in the early hours, hitting a key support level at $91,250. Fortunately, the bulls showed strong resilience, quickly rebounding to a high of around $93,800, completing a V-shaped recovery. From a technical perspective, the current Bitcoin daily chart remains in a bullish streak, with the 5-day and 10-day moving averages forming a golden cross and diverging upward. The price is generally above key moving averages, indicating a solid bullish structure. Although the hourly and 4-hour RSI indicators are in overbought territory, suggesting short-term correction needs, no effective breakdown occurred during the pullback, and the quick rebound near $91,200 further demonstrates the market's strong bullish intent.

Looking at recent institutional fund flows, Bitcoin spot ETFs continue to see net inflows, with core products like BlackRock's IBIT becoming main channels for capital inflow. Coupled with Tether's ongoing accumulation of Bitcoin, this backing provides solid financial support for the bullish trend.

In terms of operation, the current market rhythm remains in a strong bullish attack cycle. Blindly chasing highs carries higher risks, and pullback-based long positions remain the optimal strategy. In the short term, focus should be on the immediate support at $92,000. If the price retraces to this zone and finds effective support, it can be used to establish long positions. The strong support below is in the $91,200–$90,800 range, which is a core zone for recent oscillation and rally, with relatively strong defense. Resistance above is focused on the critical $95,000 level, which requires a volume breakout to further open upward space.