The Bitcoin daily chart has been under pressure for a long time. Under the pressure of the middle band, it closed with a bearish line yesterday again, with all three bands of the Bollinger Bands opening downward. Both KDJ and RSI are oscillating downward, and MACD energy is weak, unable to generate a decent rebound. This slow decline accompanied by oscillation can be described as a grinding process—an exhausting grind.

Shorts are afraid of a rebound that could erode profits, while longs fear being trapped after a big pump, resulting in everyone unable to hold their positions. On one side, there's a lure to pump as bottom-fishers rush in; on the other side, the bulls console themselves saying "it can't fall any further," slowly forming a bottom below. Currently, the lower band of the Bollinger Bands is supported around 85000. Although it opens downward, the bears haven't really exerted their strength, and the downward space is actually limited. The key is time—trading time for space, a typical technical pattern. Whether one can endure this dull period depends entirely on the trader's resolve.

Turning to the 4-hour level, the rebound price touched the upper band resistance around 90500 and formed a small double top before retreating, then broke through the middle band all the way down, currently continuing to move towards a lower position along the lower band. In this process, the space of the lower band is also being opened up, with MACD's bearish energy continuously being released, while KDJ and RSI are still declining. The hourly chart is also testing the lower band support, so the short-term operation logic remains unchanged — focusing on short positions. There have been no signs of a bottoming out on the chart yet, and it is too early to change direction.

A gradual decline is just a matter of time and does not mean there is no room for a fall. Traders without short positions should not be anxious; the recent repeated wash trading is brewing the next wave of market movement, which is the rhythm of the market.