Morning analysis on November 21; despite the significant pullback in the early hours due to news impact, Bitcoin quickly rebounded to around 88,000 after touching 86,000, forming a notable long lower shadow. This indicates that the bearish pressure has been concentrated and released, and the support at the lower level has been proven effective after a violent test, providing a solid phase bottom for the market.

This rapid decline effectively cleansed the positions of hesitant bulls and repaired the previously overbought technical indicators, reducing the burden for future increases. The ability of the price to strongly pull back above the key level itself reveals the inherent buying power in the market, and the current pattern can be seen as a successful "washout" rather than a trend reversal.

Looking ahead, as long as the support level of 86000-8700 is not effectively broken, we maintain a bullish outlook. After stabilizing above 88000, the next target will be to regroup and challenge the 90000 USD level again. This pullback is expected to solidify the foundation for a new high.