Today, Bitcoin's market performance is truly on fire! In the early session, a large bullish candle surged above 92,000, then retraced to around 91,700. The battle between long and short positions is intense, and many traders are struggling at this level.

Don't rush to place orders just yet; the recent signals from the news side are actually very critical. Three core changes are stacking up: a whale address has added 60 million USD in a few hours, which is surprising because this whale was previously a strong short seller. Suddenly switching to long indicates they are clearly sniffing out the market trend; at the same time, a major institution explicitly stated that policies in 2026 will not be easing, and by 2027, they might even be hawkish, which is a heavy blow to liquidity expectations; even more extreme, liquidation bombs have already been laid out—if BTC breaks through 93,000, there will be 352 million USD in short positions liquidated, and if it falls below 90,000, 637 million USD in long positions will be wiped out. In plain terms, the range between 90,000 and 93,000 is the dead zone where bulls and bears are fighting to the death.

In such times, technical analysis can help clarify the thinking. The 4-hour chart is approaching the end of a triangle pattern, with the Bollinger Bands opening wider and wider, which is a typical sign of a potential breakout. The whale's holdings have now surged to 315 million USD. From a short to long transition, there must be something they understand behind this move.

From a trading perspective, the current position tests both psychology and technical skills. Those chasing longs should be prepared for a breakout above 93,000, which could lead to a peak in liquidations; meanwhile, those trying to bottom fish should not be too greedy—although there is support below 90,000, unrealized losses could be painful. The key is to grasp the rhythm within this range and wait for clearer breakout signals from the technicals before increasing positions.