The recent gradual rise has indeed been a bit frustrating. Starting from the 87,000 mark, there has been repeated accumulation, with low volatility and a slow push mode continuously squeezing the market, even pushing directly to 94,700 in the early hours. The dense short trading zone above has been basically cleared, and the forced liquidations that should have triggered have all been realized.

Next, the main force's actions are even more intriguing. After completing a phase of short squeeze and releasing market liquidity, instead of continuing to push upward, they chose to pull back with the trend—turning around to harvest those high-leverage longs who chased the high. This is a typical transition point between bulls and bears, and it’s also the most testing for traders’ ability to judge against human nature.

From the perspective of small-cycle structures, after reaching a new historical high, the price began to face pressure and pull back. Recently, it has been oscillating within a relatively high range, with a very clear box pattern. Currently, it is still fluctuating within the box zone and has not yet achieved an effective structural breakout.

**Short-term Strategy**

The core is to avoid chasing highs and selling lows, and to control risk.

BTC direction: Consider short positions in the 94,000-94,800 range, targeting 92,000-92,500.

ETH direction: Short entry at 3,250, with a target of 3,180.