Bitcoin hovers around $90,900, and the market is facing a critical collision point between technical and macro factors.

From a fundamental perspective, the Federal Reserve maintaining its stance of no rate cuts puts substantial pressure on dollar-denominated cryptocurrencies. During a dollar appreciation cycle, the logic of capital fleeing risk assets is hard to break — any macro policy signals will overshadow purely technical rebounds.

Notably, data on short positions from leading exchanges like Bitfinex and Kraken show that institutional investors have already positioned themselves for a decline. These positions have been established long ago and are now waiting for the price to cooperate.

The current trading approach is clear: view rebounds as entry points for short positions, not as signals of a bottom reversal.

**Technical reference points:**
- Preferred short entry zone: $91,800–$92,200
- Alternative entry zone: $90,500–$91,000
- Stop-loss setting: above $92,500
- Short target: directly at $88,000, with further downside to $84,000

The key is not to fight the trend by trying to catch the bottom against the market. In a clearly bearish macro environment, every rebound is just an opportunity to add to positions. Success in trading often depends on probability and risk management, not blind expectations of a reversal. Following the trend is the most risk-controlled approach.