Currently, Bitcoin briefly tested 97,200 before rapidly falling to around 95,100, indicating that the resistance in this area is effective, and the short-term market structure has shifted to bearish. The 4-hour moving averages are in a bearish alignment, and both MACD and RSI indicators point to continued bearish momentum. If the price cannot regain above 96,500, it may further decline to the support zone around 94,500-94,000.

Ethereum is also weakening in tandem, with short-term support strength in the 3,260-3,240 range. The overall market shows a lack of rebound strength after a volume-driven decline, indicating insufficient bullish support. Key resistance has moved down to around 97,200-97,500. Any rebound to this level showing signs of stagnation can be considered a continuation of the bearish trend.

In terms of trading strategy, it is recommended to focus on shorting rebounds after resistance is encountered, with strict risk control. If Bitcoin clearly breaks below 94,500, the downside space could further open up toward around 93,000. Currently, caution is needed regarding the risk of trap rebounds in a weak market, and a bearish outlook should be maintained.