The Bitcoin market is at a crossroads where bullish and bearish forces are in a standoff, and the short-term direction depends on the interplay of several key factors:

Short-term pressure, focus on key support: Overall market sentiment is leaning towards defense, and weakened liquidity makes prices more susceptible to fluctuations. If the support around $87,000 fails, the next technical support range to watch is between $86,000 and $88,000. On the upside, regaining stability above $94,000 is the first step to resuming the upward trend.

Potential rebound trigger points: There are also "embers" in the market that could spark a rebound. The extremely low open interest and negative funding rates in the derivatives market indicate a buildup of short positions. If positive macro news or a slight price increase occurs, it could trigger a "short squeeze," leading to a rapid price rebound.

Medium to long-term depends on demand recovery: In the long run, the market needs to see stronger actual demand (e.g., sustained large-scale inflows of ETF funds, an increase in on-chain accumulation addresses) to absorb selling pressure and end the consolidation. Current weak profit indicators also show that the market needs time to rebuild a solid holder base. $BTC