The recent rebound has sparked renewed enthusiasm among many. Some say the bull market is back, while others are optimistic about bottom-fishing opportunities. However, a closer look at the market details suggests that this rally isn't as simple as it seems. The $95,000 level has become a critical watershed in the current market. Whether it can be broken through will determine whether the trend continues to recover or falls into a deeper correction.

Let's start by reviewing historical data for inspiration. From the rally beginning at $26,000 up to the peak of $126,000, there is a key detail: the widely recognized MA365 (annual moving average) has never been effectively broken. What does this indicate? It shows that the market has been operating on a relatively healthy trajectory, with strong bottom support. In contrast, the current situation has reversed. The annual moving average has been repeatedly breached, which is a clear signal of weakening strength.

The two key resistance levels to watch now are $95,000 and $97,100. These are not arbitrary figures; on-chain data clearly shows this. Regarding the $95,000 level, URPD data reveals a large accumulation of trapped and profit-taking orders at this price. In other words, investors who bought around this area are either trapped and looking to break free or taking small profits and exiting. This naturally creates significant selling pressure. As for $97,100, it was the high point of the previous rebound and also a critical resistance based on Fibonacci retracement levels. The last time the price reached this level, it was pushed back, indicating substantial resistance here.

Some may ask, why not just break through these two resistance levels? But the problem is that the current market momentum and structure do not support an easy breakout. Continuous oscillation and repeated testing of these levels reflect a tug-of-war between bulls and bears. Let's wait and see how the price behaves at these levels—that will be the real indicator of the market's next move.