Bitcoin previously surged to $94,500, initially appearing to continue breaking through, but encountered significant selling pressure at this level. Buyers couldn't hold the line, and the price turned downward, currently falling below $92,000. This correction came a bit suddenly, and the bullish momentum has clearly weakened.

From a candlestick perspective, Bitcoin has broken below the 100-hour moving average — a classic bearish signal. More painfully, on the hourly chart, the price is forming a downward-sloping resistance line, which is very straightforward: each rebound top is moving lower, and sellers have taken control.

Currently, focus should be on the $92,500 level. If the price cannot stay above this level, the rebound ceiling will be limited, making it easier to continue downward. Looking below, there is a substantial accumulation of buy orders around $89,000, which is a relatively solid support zone. Once the price drops here, both bulls and bears will likely engage in fierce battles.

Novice traders should not think about buying the dip now. The current market is in a correction phase, with increased volatility, and rapid swings of 10% up or down could happen at any moment. There are only two key things to watch:

First, can Bitcoin regain and stay above $92,500? This will determine whether the subsequent rebound still has a chance.

Second, if the price continues to fall, can the $89,000 support hold? If broken, the correction space won't be just a simple adjustment but could signal a trend reversal.

Bitcoin is currently in a "high-level correction, direction uncertain" stage. Instead of rushing to make trades, it's better to sit back and wait for clearer signals from the market. Patience is often the greatest advantage in such times.