Bitcoin's performance today can be summarized in one sentence — hovering at high levels with no clear direction.

As of this morning, BTC has been repeatedly testing around $95,000 to $96,000, with specific fluctuations between $95,112 and $96,131. It looks quite calm, but behind the scenes, there is a fierce tug-of-war between bulls and bears.

On the bullish side, there are still many chips. First, Bitcoin spot ETFs have been continuously attracting funds in recent days, with over $1.7 billion flowing in just recently, indicating that institutions and large investors remain optimistic, providing an invisible support to the market. Second, the macro environment is also favorable — US inflation is cooling down, and market expectations of further rate cuts are rising, which is positive for the entire risk market, including cryptocurrencies. Additionally, market sentiment remains relatively calm; retail investors haven't rushed in yet, leverage in futures contracts hasn't become excessively inflated, and the probability of a sharp short-term plunge is actually reduced.

However, the pressure from bears cannot be ignored. The most critical factor is regulation — an important US cryptocurrency regulation bill is still hanging in the balance, filled with controversy and delayed voting. This uncertainty causes investors to stay on the sidelines, hesitant to act rashly. This is also the main reason why BTC retreated from the recent high near $97,900. On the technical side, there is resistance around $96,200, and above that, the pressure at $97,000 is even greater.

What’s next? In the short term, it’s likely to continue digesting within this range. The key support is around $95,000; holding this level means the market can still consolidate at high levels. As for resistance, the first target is whether $96,200 can be effectively broken. If regulatory signals become clearer or other major positive news emerge, a volume breakout here could open the way to challenge previous highs.

In essence, the market is currently waiting for a trigger — it could be clearer regulatory policies or other black swan events. Until then, it’s likely to fluctuate within this price band.