Bitcoin's movement last night was relatively stable, repeatedly testing around 87,500 with limited intraday volatility. Looking at the daily chart, each rebound was blocked below the 88,000 level, and the Bollinger Bands are starting to open downward. All moving averages are also trending downwards, with the 5-day attack line above 90,000 pressing down hard. This is the biggest short-term resistance.

Switching to the 4-hour cycle, the situation becomes clearer—after cooling off at high levels, Bitcoin's rebound momentum has noticeably weakened, naturally entering a correction phase. But what's interesting here is that the buy-side support below is holding up quite well, and the overall structure shows no signs of breaking down. Simply put, this is not a trend reversal but a consolidation phase with repeated fluctuations at high levels. Bulls and bears are engaged in a tug-of-war, with a tense atmosphere.

On the 1-hour chart, the movement is more sideways—consolidating. Recent lows have not been broken again, and the bearish momentum is waning. Market sentiment has shown signs of warming recently. As long as key support levels hold, the market is likely to test resistance zones multiple times, continuing this consolidation and buildup phase.

Trading strategy: Consider shorting Bitcoin in the 87,700-88,200 range with a target of around 85,500; for Ethereum, short in the 2,950-2,970 range with a target near 2,820.