Bitcoin's performance today can be summed up in one word: entanglement. The current price is stuck around $95,600, with a modest 1.3% decline over the past 24 hours, but intraday volatility has been quite fierce—peaking at $97,100 and dropping to $95,100. Throughout the trading day, the market has been repeatedly digesting positions within this narrow range.

What truly drives the market are two opposing forces. On one side, the delay in the US crypto legislation vote has scared off many short-term traders, prompting them to lock in profits, which explains the morning surge followed by a pullback. On the other side, institutional players remain calm; BlackRock's spot ETF continues to steadily buy, effectively defending the $95,000 level. Without this support, the market might have seen even lower lows.

From a technical perspective, the situation is quite clear. The market is currently oscillating between $95,000 and $97,000, with one acting as a strong support and the other as a firm resistance. If the $95,000 support is broken, the next target could be around $94,000. Conversely, to break through $97,000, a volume-driven breakout is necessary; otherwise, the market will continue to fluctuate within this range.

There are two key upcoming events to watch. Tonight, the release of US economic data and speeches by Federal Reserve officials—if the tone is dovish, it could trigger a rally; if hawkish, the market may continue to face pressure. Additionally, the latest developments in the crypto legislation could stabilize policy, meaning the medium- to long-term bull case remains intact. The performance of Ethereum and Ripple also warrants close attention.