Yesterday, Bitcoin surged strongly to around 98,000 but encountered resistance at a critical level and pulled back, finally stopping around 95,700. The rebound was only about 1,400 points, indicating that there is still significant pressure overhead. So, will today continue the decline or build up strength for another surge?

The key focus is in the 94,400-94,700 range, which is currently the most critical support zone. Whether it can hold and rebound here will directly determine the subsequent trend. If this support fails and the price falls further without quick recovery, then 98,000 will be considered the ceiling for this wave of gains.

However, my judgment is that the bulls still have a chance. The most likely path today is to complete a rebound around 94,400-94,700, then attempt to push towards the 96,800 resistance level. If it can break through 96,800 and stabilize above 98,000, then breaking the 100,000 mark is not far off.

For traders going long, the 94,400-94,700 zone is indeed a key area to gamble on a rebound, provided that it truly holds. If this support is broken and cannot be quickly regained, then the bullish story will need to be reconsidered. But from the current technical perspective, I tend to believe that the bulls won't fade so quickly; at least, there will be a period of high-level consolidation or even an upward breakout opportunity. Therefore, the key to today's operation is to confirm whether this support is effective.