This wave of the market indeed looks quite weak. After spiking to around 93,500, it turned around and then immediately dropped with a high-volume big bearish candle, crashing out of the consolidation range. The bulls' money is clearly fleeing, and the bears have gained the upper hand. Afterwards, the price hovered above 90,000 for a while but failed to reverse, instead continuing to weaken and finally breaking the key support, with the low dipping close to 87,500. Currently, it has rebounded to around 88,900, but to be honest, this is just a technical rebound after a decline, nothing special.

The entire chart shows lower lows and lower highs, and the rebound volume and strength are quite feeble. The 89,500–90,500 zone has become a resistance level; don’t expect the bulls to turn the tide until they establish themselves above it.

Regarding trading strategies — it’s still best to follow the trend. If you hold long positions, consider this rebound as a weak correction. Be cautious when approaching the 89,500–90,500 resistance zone; quickly manage risks and avoid losses. If you are flat or a short-term trader, keep an eye on whether the rebound up to 89,500–90,500 gets suppressed, which makes it a good point to observe for shorting. Setting a stop loss above 91,000 gives more peace of mind; first, see if it can fall back to around 88,000. If broken, testing the 87,500 level or even lower is possible. Only when the price stabilizes above 90,500 with increasing volume can the market possibly recover from this weak oscillation. Otherwise, treat the rebound as an opportunity for the bears to continue pushing down.

Reference levels:
Shorts between 89,500–90,300, target 88,500–87,500.
#加密生态动态追踪 $BTC $ETH near 3140–3180, similarly, watch 3100–3060 below.
$ETH $SOL is also under observation.