$96,000 is not an emotional high point but a trend confirmation point

When BTC makes another push towards $96,000, the market's first reaction is often "It's overbought" or "A correction is coming." However, from a trend structure perspective, $96,000 is not merely an emotional high point but more like a trend confirmation threshold. If the price can stabilize effectively in this area, it indicates that the previous rally is not just a short-term short squeeze but a continuation of the medium-term trend.

From a technical perspective, since the rebound from the lows, the highs and lows have been continuously rising, and there is no obvious top divergence on the daily chart. Although volume has not shown extreme expansion, it has significantly decreased during pullbacks, indicating that chips are not loosening on a large scale. The $96,000 level corresponds to the overlap of a previous dense trading zone and a psychological integer level. Once broken, short stops and trend funds will enter simultaneously.

From a capital perspective, the current phase is driven not by a single sentiment fund but by a resonance of spot, ETF, and institutional funds. Unlike the previous round of pure derivatives-driven rally, this upward movement is more stable with shallower retracements, indicating that funds are more inclined toward medium- to long-term allocation rather than short-term speculation.

Therefore, $96,000 is more like the "second phase confirmation line" of a bull market. The real concern is not touching it but whether the price can hold steady for 3–5 trading days after breaking through. If it holds, the trend space will be reopened; if it falls back after a false breakout, it will enter a high-level consolidation phase rather than an immediate reversal.#BTC冲击96,000美元