BTC shows a clear retracement trend on the 1-hour timeframe. After dropping from the high of 97,900, the market is searching for new support. In the short term, 94k is an important support level. If the price cannot stabilize above 96k, breaking below this strong resistance, a downward move is almost certain. Once it fails to hold, the next target is 92k.

The MACD indicator shows that the bearish momentum is still continuing to release, with no signs of bottoming out, indicating that selling pressure still exists. From a technical perspective, the current environment favors short positions.

Today's trading idea: go short on rallies. Consider shorting near the 96k resistance, setting a stop-loss above the high to maintain a reasonable risk-reward ratio. If the support is broken, hold the short position to seek lower targets. From a Chan theory perspective, the current structure shows a downward trend, and this logic has not been broken for now.