Bitcoin touched the low of 86,355 in the previous rapid decline and formed a clear long lower shadow, indicating buying support in that area. Short-term selling pressure has been somewhat alleviated, and the market has entered a consolidation phase after the decline. However, the rebound strength is relatively limited. Structurally, it still belongs to a weak correction—although the lows have not been lowered again and the highs have slightly risen, the four-hour cycle repeatedly faced resistance around 88,000 and pulled back, leaving consecutive upper shadows, which shows that selling pressure above remains significant.

In terms of moving averages, although the price has risen back to near the short-term averages, it has not achieved an effective breakout or stabilization, and overall remains within a technical rebound in a downtrend. Despite the one-hour chart showing consecutive bullish candles, the bodies are generally short, and trading volume is insufficient, reflecting more short covering and market sentiment easing rather than new funds continuously entering.

Overall, the current trend is essentially a weak rebound within a downtrend, with key resistance zones not yet effectively broken through, and the market structure has not changed. If the price continues to fluctuate below 88,000 or shows signs of a weakening rebound, caution is needed as the risk of another decline increases. The medium-term bearish pattern may still continue. In terms of operation, it is not recommended to chase highs blindly; focus on the resistance area and observe the pressure response nearby.