Bitcoin is currently oscillating above the 87000 level, showing a clear pullback during the day: it has dropped more than 1700 points from the 24-hour high of 88700, and after previously rising to the key resistance level of 90500, it has continued to face downward pressure, clearly reflecting the market characteristics of diminishing long positions 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 a high pullback, and the market continues to oscillate narrowly in the lower area of the Bollinger Bands. The long and short positions are in a stalemate stage, with strong performance in the key resistance and support levels (current resistance focuses on the 88500-89000 range, support anchored at the 86500 line). There is a lack of effective breakthrough momentum in the short term. Overall technical structure analysis shows that the market is still in a bearish pattern, with bearish momentum continuing to dominate the market. The volume indicates 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, with strict stop-loss settings. The primary focus below is on the effectiveness of the 86500 support level; if this position is effectively broken, the coin price is likely to further test the previous low near 84000. Subsequently, it is essential to closely monitor the defense situation of key support levels and changes in volume to seize trend-following opportunities.

Specific operational suggestions: Pay attention to the resistance at the two levels of 87800-88300 and 88800-89300 above. If resistance appears, you can directly short, looking for a pullback of 500-6000 points. Below, target levels to watch are 87150, 86800, 86300, 85800, 85300, and 84500. If it breaks below 84500, then continue to look for a significant continuation.
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