Bitcoin's current rally is truly strong. After yesterday's sharp surge, there was no opportunity for a deep correction; instead, the price directly entered a sideways consolidation at high levels. Now, the price is firmly above 93,000. What does this indicate? It shows that the market's absorption capacity is very strong, and the bears no longer have much say.

The situation is even more obvious after the European market opened—funds continue to pour into risk assets. The current bid has already surged past 93,400, approaching the short-term profit-taking pressure zone of 94,000-95,000.

From the current market sentiment, this wave belongs to a typical main upward trend. The 92,000-92,500 range, which was a resistance level yesterday, has now become a strong support zone. As long as this level holds, each correction could be a buildup for a push through 95,000.

How to interpret specific levels? 92,800 is the first support, which is the middle band of the hourly Bollinger Bands. If it goes lower, 92,200 is a stronger support—this was the top after yesterday’s rally and consolidation, and it’s the last line of defense for aggressive bulls.

The real dividing line is at 91,500. If this level is broken, it indicates that the game of short-term short squeeze at high levels is over, and the market will enter a wide-range oscillation mode. From the weekly chart, 90,000 still holds a super solid bottom position, which is currently the most recognized support level.