The current price of Bitcoin is fluctuating above the 87000 level, showing a clear pullback trend during the day: it has dropped over 1700 points from the 24-hour high of 88700, and after previously surging to the key resistance level of 90500, it has continued to be under pressure, clearly reflecting a market characteristic of diminishing bullish momentum and insufficient short-term upward potential.
From a technical perspective, the 4-hour K-line has formed a standard M-shaped top pattern, with prices continuing to oscillate within a narrow range at the lower band of the Bollinger Bands. The battle between bulls and bears has entered a stalemate phase, with strong performance in key resistance and support levels (current resistance focused on the 88500-89000 range, support anchored at 86500). There is a lack of effective breakthrough momentum in the short term. Analyzing the overall technical structure, the market remains in a bearish pattern, with bearish momentum continuing to dominate the market. Volume analysis shows that selling pressure is gradually accumulating, and bearish signals are continuously being released from the technical perspective.
In terms of operational strategy, it is recommended to place short positions relying on the high-pressure area of the oscillation range, and to set strict stop-losses (can refer to above 89000). The primary focus on the downside is the effectiveness of the 86500 support. If this level is effectively broken, the price is likely to further explore the previous low near 84000. Subsequently, it will be important to closely track the defense of key support levels and changes in volume to seize trend-following opportunities.
Specific operational advice includes monitoring the pressure conditions at the levels of 87800-88300 and 88800-89300 above. If pressure occurs, positions can be directly established, looking down at a space of 500-6000 points. On the downside, target levels to watch include 87150, 86800, 86300, 85800, 85300, and 84500. If it breaks below 84500, then further declines can be anticipated.
