Last night, BTC experienced a strong pullback around 92,600. This sharp decline caught many investors who were chasing the rally off guard. The day before, the market was building momentum to break through the previous high, but it suddenly reversed. Currently, there are quite a few people caught in long positions after chasing the high, and those who missed the short entry are considering whether to follow in.

From a technical perspective, this pullback is completely in line with expectations. The 92,000 level is indeed a key resistance point. The apparent breakout was actually a classic "trap to lure in longs"—the market is systematically harvesting leverage long positions. When the price touched 92,600, it faced selling pressure, which is not a coincidence but a sign of strong sell orders waiting there.

Interestingly, short-term trading strategies and medium-term judgments should be viewed separately. Although the medium-term logic is bearish, the current level may not be the best time to chase shorts. Recklessly entering short positions during the pullback can easily lead to being caught in a quick rebound, a passive situation especially common in highly volatile crypto markets.

A more prudent approach is to observe the depth and strength of the pullback first, and set sell orders around 92,300 to prepare for a second top test. If the price rebounds and pushes higher again, the probability of successful short entries will be higher; if the market breaks downward directly, holding long-term shorts is fine—there's no need to rush into a quick short.

The core advice is to avoid the trap of "buying high and selling low." In highly volatile markets, the most common mistake is adding positions at the wrong levels, only to be shaken out later. Patience for better entry points often yields much better profits than rushing to get in.