**Several Observations on the Current BTC Situation**

Looking at the 4-hour chart, Bitcoin has been rejected three times at the 90700 level, and the upward momentum is clearly weakening. More notably, the support line at 86500—despite holding multiple times—begins to raise doubts about its reliability. It might really be unable to hold this time.

There's an interesting phenomenon. Yesterday during the US session, the trading volume was unexpectedly very low, and this is no coincidence. Imagine the situation for traders: longs are afraid to add positions for fear of breaking below 86500, shorts missed the entry opportunity during the Asian session while sleeping, and now want to push the price down but can't catch the trend. The good short entry points have already been missed.

So the real situation might be that large funds are also watching. They can see that the support level has been tested too many times, and they don't know what to do next. In this kind of scenario, no one is willing to force the market, so even during the US session, volatility remains low.

This has changed my previous understanding. I used to think that US market funds are large and can stir up waves regardless of the market condition, even closing early out of fear of US session volatility. But now it seems that large capital also pays attention to the market structure. All participants in the market are reading the same chart; sometimes they push the market together, sometimes they harvest in reverse. This is the true nature of the market—market structure is always more trustworthy than external factors.