Looking at this wave of Bitcoin market activity, it's quite interesting. From the 4-hour timeframe, after a spike higher, the price has been steadily retreating. During the rebound, trading volume clearly shrank, and the moving averages are also suppressing the price, especially the 25-period moving average which has been holding the price around 91,000 without much movement. This doesn't look like a bottoming process; it more resembles a technical rebound during a downtrend—essentially a trap for bullish traders at the end of the rally.

Now, looking at the capital flow, there has been a net outflow over the past 24 hours, and large orders over the 5-day period are still continuously flowing out. Combined, this signals that the opportunity for bears has arrived.

How to operate specifically? For aggressive traders, consider opening short positions lightly around 91,000. For more cautious traders, it’s better to gradually enter short positions in the 91,200 to 91,800 range. Stop-loss must be set properly; if the price breaks above 92,300 and stabilizes, it indicates that the current trap logic has failed, and it’s time to cut losses and exit.

Take profit in three levels: first target at 89,800; second at 88,200; if the market moves as expected, the ultimate target could be in the 86,800 to 87,000 range. The key is to stay disciplined—no greed, no rushing.