On December 12, 2025, Bitcoin exhibited significant volatility and has since been in a consolidation phase. Currently, analysis indicates that after the Federal Reserve cut interest rates, Bitcoin briefly surged above $94,000, followed by a sharp decline, dropping below the $90,000 mark this morning and hovering around $89,800. It then rebounded, rising over 4% from the daily low. The current focus is on key price levels, with strong resistance forming in the $93,000 - $94,000 range, where multiple attempts to break through have met obstacles. The 4-hour chart shows weak short-term momentum, with the MACD indicating a death cross, yet overall it remains within an upward channel. Short-term support is concentrated in the $88,000 - $89,000 area, which is also a critical lifeline for bulls; if lost, it may further decline to $85,000. Looking at a broader range, support can extend to $91,000 or even $90,300. The intraday structure is likely to maintain a downward bias within the consolidation range, as bullish momentum has been fully exhausted. Additionally, the hourly chart shows a converging triangle pattern, with the magnitude of pullbacks gradually decreasing after multiple tests of resistance. Stop-loss set at #美联储降息 #比特币波动性 $BTC