**Market Analysis**

Bitcoin has consecutively failed to hold above 94500 over the past two days, particularly dropping sharply after US stock market opening when trading volume surged. Currently, the previous uptrend line has been broken, and the structure of the uptrend channel has also collapsed. The rally from 87000 to 94500 has essentially reached its peak. Can we break through 94500 subsequently? Honestly, it's no longer closely related to this current movement pattern—that will be a matter for the next phase of the trend.

Regarding movement characteristics, Bitcoin is now displaying a typical climax pattern—the surge to 94500 last night was one wave, and the large bearish candle at 1 AM was another. Price is fluctuating violently in the 91500 to 94500 range, which appears to be a trading range, but the problem is that the structure is irregular with support and resistance levels scattered everywhere. Frankly, this position is not very suitable for trading. If forced to trade, you could try shorting at 94500 or going long at 91500.

**Altcoin Risks**

Mainstream altcoins like DOGE and SUI show particularly weak bullish trends. Once the broader market turns bearish, these coins will plunge directly. If the broader market enters a sideways consolidation mode, altcoins will become one-way downtrends. This is the fate of altcoins—a strong broader market doesn't necessarily mean they will be strong, but when the broader market weakens, they will simply collapse.