From a technical perspective, the rapid decline in the early morning can be viewed as a concentrated test of the key support zone after the breakout. Bitcoin dipped from 92600 to 89500, just retesting the previously broken daily neckline level and the lower boundary of the channel, while Ethereum also touched the trend support band near 3040. This volume-expanding pullback not only digest the short-term overbought pressure but also forms a lower shadow at a critical level, laying a solid foundation for subsequent upward movement.
In terms of trend structure, the weekly upward pattern remains i

Based on the current market situation, Bitcoin has established a solid support at the lower boundary of the 92,000 range. Although the afternoon trading showed narrow fluctuations, it overall stabilized above the key defense level of 91,800, indicating that the bulls are actively defending the market in the ongoing battle between bulls and bears. Currently, the price is trading around 92,300, positioned slightly above the midpoint of the range. Short-term moving averages are gradually flattening and converging, trading volume is mildly shrinking during consolidation, which is a healthy technic

From the current market situation, Bitcoin has experienced a waterfall decline in the morning and the overall trend has shifted to a clear bearish pattern. The price's rebound has consistently been held back by the 90,000 USD level, and it has formed a narrow trading range below this level, indicating weak bullish momentum and a severe lack of market buying confidence. The slight pullback after the US stock market opened last night further confirms the exhaustion of the rebound momentum. The current price hovers around 89,700, with the focus gradually shifting downward.
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