The recent trend of Bitcoin is a bit concerning.

Since the key level of 88500 was breached, this wave of decline has not given much breathing room. The price started to drop from around 90500, and now it has not only fallen below 88000 USD but has also dropped below the 100-hour moving average. Watching the candlestick chart decline continuously, some people are starting to worry if we are really entering a bear market.

Looking at the hourly chart's trend lines, a clear bearish line has emerged. The resistance formed by this trend line is stuck at $87650. If Bitcoin cannot hold the $86800 area, the technical indicators will signal a continuation of the downward trend.

The recent surge from above $90,000 is now being gradually eaten away. The price has successively broken through several key levels of 90,000, 89,500, and 88,500, and the pullback is indeed quite strong.

The current situation is as follows: the BTC trading price is hovering below $88,000. If it can hold above $87,000, there is a possibility of a rebound. However, the direct pressure is at $87,650, which is the position of the trend line mentioned earlier.

What are the possible scenarios next?

If it cannot break through $88,500, a new round of decline will basically be locked in. The first support is near $87,000, and below that is $86,750 - this position happens to be the 61.8% Fibonacci retracement from the low of $84,420 to the high of $90,552, which has strong technical significance. Further down is $86,000, and then $85,450. If these levels cannot hold, $84,500 will become the last major support, and breaking below that may accelerate the decline.

What is the current situation of the technical indicators? The hourly MACD has already entered the bearish zone and continues to weaken. The RSI (Relative Strength Index) has also dropped below 50, with no signs of buying pressure.

To summarize the key points: the main support is at $86750 and $86000, while the main resistance is at $87650 and $88500. These levels will serve as a reference framework for subsequent market movements.

The market is fluctuating so violently; in the short term, we still need to see if the technicals can stabilize.