The recent fall of BTC has been quite severe; will 93,000 be the last line of defense?

Yesterday, Bitcoin fell directly to $93,000. Although it rebounded a bit afterwards, this round of selling is no joke — $510 million in liquidations occurred within 24 hours, and the gains accumulated this year have basically all been wiped out. As you can see, the market fear index has soared to 10, which is a standard extreme fear zone, and retail investors are basically panicking.

This morning, the price is still hovering around $94,000. Since the peak at the beginning of October, it has fallen for three consecutive weeks, with a cumulative drop of nearly 25%. To be honest, most people are now hesitant to catch the falling knife.

**How to view the technical aspect?**

A death cross has appeared on the daily chart—the 50-day moving average has crossed below the 200-day moving average. This signal usually indicates that the short-term trend will continue to grind. The price has already broken several key supports, and if the $94,000 level cannot be held, the next stop might be below $90,000. The MACD is also showing a dead cross down, and there is currently no sign of a reversal.

Switching to the 4-hour level, the overall trend is just a continuous fall. Since the high point of $126,173, the price has not had a moment to breathe. The upper resistance is currently stuck in the range of $99,000-$100,000, and only by breaking through here can it possibly regain momentum. The lower support is at $93,000; although it briefly fell below this in the early morning, it did not completely lose this level, and it can still serve as a reference point in the short term.

My own trading strategy is as follows: if there is a rebound to around 99000, consider shorting with a light position, controlling the position at 20%-30%; if it indeed falls to around 93000, you can tentatively go long, but do not exceed a 10% position. The overall strategy is to mainly short on rebounds and be very cautious when chasing shorts.