Bitcoin technical trend has already shown clear signs of deterioration. From the 12-hour timeframe, the price closed below the moving average band, MACD formed a death cross, and RSI broke below the 50 midline. All these point to a clear conclusion—the large cycle has already reversed to the downside.

The 4-hour performance is even more straightforward. After breaking support, the price continues to accelerate downward, while the 1-hour rebound lacks volume, and the bulls are clearly losing strength. The only support that can save the situation now is at 88686. If this level also fails to hold, there will be no resistance below.

From an operational perspective, rebounds should be used to short, especially near the 93550.55 support level. If the price can rebound upward, there is a good opportunity to establish short positions here, allocating 60% of funds to short in this rebound zone. Once the 88686 level is broken and confirmed, the remaining 40% of funds should be directly used to chase the short. The take-profit target is set between 82784 and 77920, with the stop-loss at 93550.55.

In the medium term, the bearish pattern has been established, and 77K has become the main target of this decline. At the current position, adopting a bearish approach would be more prudent.