Recently, Bitcoin's market performance has indeed surprised many. After a rapid price surge, traders are generally faced with a dilemma: has this rally already peaked? Should they continue holding? Or is it time to proactively implement risk management? Behind these questions, the market's most genuine concern about the future trend is reflected.

Let's take a step back and review. Since December 31 of last year, there have been clear signals—although the short-term fluctuations are still volatile, professional funds have been continuously accumulating, which is a typical pre-rally indicator. The holiday rally indeed responded with an upward move, and we did not remain conservative, directly indicating participation in the rebound. In January, the large rebound cycle was officially confirmed to have started. Last week, we also pointed out the possibility of accelerated gains this week.

At the $94,000 level, this is a critical resistance zone. In the short term, there is indeed a risk of pullback and shakeout. However, this does not mean the overall upward structure has been broken.

This brings us to a core question: is the current decline a shakeout or the top? Based on recent performance, Bitcoin has not effectively broken below key support levels. Market sentiment weakened temporarily during the pullback, with many starting to turn bearish, and retail investors approaching despair. However, such pessimism often indicates a trap set by funds to induce short positions. True market tops are usually accompanied by structural breakdowns, and this characteristic is not yet sufficiently evident.