This morning, BTC closed above the upward trendline on the daily chart, signaling that the short-term trend is beginning to show upward momentum.

Looking back at recent performance, the price has been repeatedly bouncing between 87,000 and 92,000, with buyers clearly more active in this range. According to data, some large investors have quietly accumulated between 85,000 and 90,000, without any signs of panic selling. This indicates that long-term funds are still willing to buy on dips.

However, a detail to watch is that the market's short-term average holding cost remains stuck between 98,000 and 100,000. Once the price reaches this zone, a wave of stop-loss liquidations is likely to occur—this selling pressure often caps short-term rebounds.

From the contract market perspective, overall sentiment is relatively cold, with insufficient buying enthusiasm. But this contrasts with the covert accumulation by on-chain whales—while the market remains indifferent, they are quietly accumulating. This divergence is quite intriguing.

Looking at the daily MA200, it currently hovers around 106,000. For many traders, this moving average is a key dividing line between strength and weakness in the medium to long term.

In summary, we may be in the early stages of a short-term upward trend, but a major reversal signal has not yet been fully confirmed. The real confirmation will likely require the price to effectively break through the 100,000 to 106,000 resistance zone.

In terms of trading strategy, a prudent approach is to continue adding on dips, but be sure to keep an eye on the 98,000-100,000 cost line, as it is crucial in determining how far the rebound can go.