Bitcoin is now standing at the crossroads of life and death. The next move will determine whether it continues to rebound or plunges deeply, and the truth will be revealed tomorrow.

The key level to watch is 94,500. This is a watershed. If the price breaks below this level with increased volume and then breaks the larger trendline, it can be considered the end of this rebound game. If it moves downward, the bear market will be fierce, with targets below 70,000, and the bears will have a good time.

Conversely, if there is oscillation around 90,455, with a false breakout followed by a quick recovery, bulls still have a chance. In this scenario, a rally can be participated in, with stop-loss below 94,000, and the target area around 100,700-101,000. This zone converges multiple support and resistance levels, the 365-day moving average, and the weekly MA50, making it a notable resonance point. It is also a place to look for shorting opportunities later.

Overall, the main framework remains bearish, with the daily chart primarily favoring high-altitude shorts. However, it’s important to note that the small-scale rebounds are already in their final stages. Whether it can continue upward depends mainly on whether 94,500 can hold.