Looking at the 1-hour trend of Bitcoin, the bears have been quite aggressive during this period.

From a technical perspective, the situation is indeed not very optimistic:

The MA7, MA30, and EMA30 moving averages are firmly suppressing the price, making it difficult to even touch the BOLL middle band at 90,948 during rebounds. The Bollinger Bands are opening downward, with the upper and lower bands moving down in sync, which is a typical signal of a downtrend channel. Looking at the MACD, although the green bars have shrunk somewhat, the two lines are still below the zero axis, indicating that the downward momentum has eased but there is no real reversal.

On-chain data also shows no bright spots; there are no signs of large funds entering the market clearly. Plus, regulatory uncertainties still weigh on the market, lacking genuine positive news to change the situation.

In the short term, the probability of continued low-range oscillation or even a decline is relatively high. Pay close attention to the support strength in the range of 89,500 to 89,000 below. The trend doesn't lie; the market once again confirms an old adage — technical analysis and news should be considered together. Blindly bottom-fishing will only invite trouble.

Be patient and stay calm. The trend is a friend; don’t go against the market. Once signs of a reversal appear, I will update everyone with the latest developments immediately.