Today, Bitcoin's performance is quite interesting. The price surged to around $97,900 during the Asian trading session, showing signs of breaking through, but encountered resistance and pulled back, with a low of $95,100. As of the time of writing, the price has been fluctuating between $95,500 and $96,200, with a 24-hour volatility of about 2.9%. Trading volume has significantly decreased compared to a few days ago.

From the 4-hour chart, the situation appears somewhat delicate. The $97,900 level has formed a double top pattern, becoming a short-term strong resistance. More notably, the MACD has formed a death cross near the zero line, with red energy bars expanding, which usually indicates waning upward momentum. The RSI has slid back from the overbought zone to around 55, showing signs of weakening buying strength. The trendline support is roughly at $94,500-$95,000, which is the first line of defense to watch.

However, the daily chart's overall framework remains intact. The price is still firmly above the 20-day moving average (around $92,800), with the lower boundary of the ascending channel supporting at approximately $94,200. The medium to long-term moving averages still indicate a bullish pattern, but in the short term, close attention is needed to see if $94,500 can continue to serve as support.

Regarding resistance, the short-term range is stuck between $97,200 and $97,500, with the psychological barrier at $98,000-$99,000. On the support side, the first layer is $95,000-$94,500 (trendline level), the second layer is $93,800-$94,000 (20-day moving average), and the last line of defense for bulls is at $92,000. The market is currently testing high levels repeatedly, and in the short term, it remains to be seen whether it can regain the $97,000 level.