Bitcoin has entered the final sprint of the rebound at the 1.16 level. After completing accumulation and liquidation, a mid-term decline will occur.

There are two possible paths: one is to break the support at 93,000, forming a new bearish structure on the right side, entering a consolidation phase below; the other is to accumulate around 94,500, then push up to force a short squeeze, and after completing it, establish a top structure before declining. From the current technical perspective, the second scenario has a higher probability.

In terms of short-term operations, yesterday's view remains unchanged—no top is confirmed until the top structure forms. It is recommended to use the 1-hour turnover point as a reference, looking for entry opportunities around 94,000 for a rebound. If it drops below 93,000, that is the 0.618 Fibonacci support level.

Ethereum's structure is consistent with Bitcoin. The short-term turnover point is at 3280. If it declines, the 1-hour 0.618 support falls within the range of 3210 to 3250.