Bitcoin is currently stuck around the 87000 level, plummeting from an early morning high of 88700, with a fall exceeding 1700 points. It started turning back when it earlier surged towards the key resistance at 90500, and long positions are clearly struggling.

Looking at the 4-hour chart, a standard M-shaped top has formed, with the price repeatedly testing the lower band of the Bollinger Bands. The market presents a balance between bulls and bears but leans towards a bearish situation, with the resistance range locked between 88500-89000 (defense is tightest here), while the support below is seen at 86500. From the perspective of volume, selling pressure continues to accumulate, with bearish signals being released one after another.

In practice, it is advisable to short at the upper resistance level, with a stop loss set above 89000 for safety. The key is to keep an eye on the lower level of 86500; if it cannot hold, it's still manageable, but if it breaks down effectively, the coin price is likely to continue to test the bottom near the previous low of around 84000.

More specifically, pay close attention to the performance of the two ranges 87800-88300 and 88800-89300. If they come under pressure, it is possible to position for short positions, looking at a profit space of 500-600 points below. The specific short-term targets to focus on are sequentially 87150, 86800, 86300, 85800, 85300, and 84500. If it breaks below 84500, the downward trend may continue further. It is necessary to closely monitor the performance of these key support levels and the accompanying trading volume; following the trend is the way to go.