1. Market OverviewThe current Bitcoin market is in a stage of high-level shock adjustment. According to the latest daily candlestick data, Bitcoin's latest closing price was $88,574.1, slightly lower than the previous trading day's $88,620.8, indicating a slight short-term price correction. The price hit a high of $94,589 and a low of $84,450 in the 14-day period, and the volatility range narrowed significantly, indicating that the bullish and bearish sentiment tends to be cautious. In the past two days, the trading volume of K-lines has dropped sharply, and the single-day trading volume has gradually dropped from the previous high of 19,778.7 to the latest 45.136, reflecting the short-term cooling of the trading heat in the market. The views from analysts are generally defensive and wait-and-see: "Taking half of the position of taking profit in the high-point swing band is to worry that it will start to fall sharply when the market opens, and it is also to find a good low point to increase the position if it falls sharply." and "BTC exits the market with guaranteed capital and waits for the next trading opportunity." It shows that the mainstream of the market has entered the operation mode of phased profit-taking and reducing risk exposure. In addition, most analysts believe that the current market strategy is suitable for short-term layout or wait-and-see, and chasing up and down will bring higher risks. Combined with the latest news and market sentiment, the slowdown in the pace of purchases by cryptocurrency ETFs and strategy companies such as MicroStrategy, and the tightening of capital liquidity have put downward pressure on the price of Bitcoin, and the market as a whole has entered an adjustment cycle. II. Technical Analysis1. The core support level of the price is in the area of $84,450-85,110 (the lowest range in the past 14 days, and the downward test has been accepted many times), and the main resistance is at $90,000-90,589 (it has risen above 90,000 many times and fell back quickly). The short-term resistance is $88,658-89,081 (the recent high of the shock zone), and if it cannot be effectively broken, it will further consolidate the current shock pattern. 2. Trend InterpretationFrom the perspective of the daily K-line series performance, Bitcoin has recently fallen from a high of $94,476, increased volatility for several consecutive days, and then fluctuated below $90,000 and the lowest to $84,450 before rebounding, but has never been able to stand above $90,000. In the past 48 hours, the hourly K-line showed a narrow range of fluctuations in the high-level range, and many K-lines appeared yin and yang, indicating that the long-short divergence intensified, and the short-term lacked a clear direction. 3. In terms of trading volume and momentum, the average daily volume has shrunk sharply from a high of 19,778.7 to only 45.136 currently, indicating a decline in the driving force of long funds and a decrease in active buying. The single amount of the hourly K-line in the past two days mostly falls in the range of 200-900, and when it is higher than the average, it basically appears in the stage of rapid killing or rebounding, which further confirms that the short-term is mainly based on shock consolidation, and large trend buy or sell orders are rare. 3. News and Policy InterpretationThe recent news reflects that Bitcoin has encountered multiple negative effects one after another, including quantum computing security threats, the cooling of crypto ETFs, the obstruction of strategic capital purchases, and the increasing attractiveness of traditional safe-haven assets. A number of reports clearly mentioned that "Bitcoin failed to break through $90,000 again" and "volatility continued after breaking through $88,000", which is completely consistent with the K-line trend. Phrases such as "Bitcoin is facing strong resistance in the $90,000 area, a psychological and technical level that has hindered all recent recovery attempts" means that the pressure from above is extremely heavy, and there is a clear consensus in the market. At the same time, "crypto ETFs have fallen by 9.59% last year", which has brought a negative drive to incremental fund sentiment. The latest article, "Bitwise Advisor: Without an increase in volatility, it is difficult for Bitcoin to really rise", directly points out that the current volume is insufficient and lacks upward breakthrough momentum, which is highly consistent with the decline in the trading volume of K-line data. In terms of policy, there is no new regulatory or policy information in the last 24 hours, which has limited impact on the short-term market, and market sentiment is more dominated by endogenous supply and demand. 4. Analyst Views Integration Analysts' main views on the current market focus on defense and cautious operation:- "Taking half of the position with a high swing to take profit is to worry that it will start to fall sharply when the market opens, and it is also to find a good low point to increase the position if it falls sharply." - Emphasizing short-term position reduction and waiting for new low opportunities; - "BTC exits the market with guaranteed capital, waiting for the next trading opportunity." ——Advocate taking advantage of the high price and wait and see patiently; - "BTC contract aggressive strategy entry level: near 127-120, no integer points, three opportunities to open positions in the interval can be selected, the average price is controlled near 123.5, stop loss: 119, take profit: 135-140." ——Put forward a strict short-term interval operation idea; - "The best trading strategy this month is to take a break and avoid the past market." -- Advocate avoiding the risk of disorderly shocks. These opinions are highly consistent with the actual trend in the current K-line that repeatedly tests support, is blocked, and the volume is exhausted. 5. Based on the K-line trend, trading volume and analysts' views, Bitcoin has a high probability of continuing to fluctuate in a wide range of $85,000-$90,000 in the short term. If the volume can effectively break through $90,000-90,589 and gain a foothold, it is expected to open further upside, and the initial target is in the $92,000-94,000 range. However, if repeated attempts fail, it is necessary to prevent the price from falling below $84,450, when a strong support below may test the $81,000-80,000 line. In terms of operation, it is recommended to maintain cautious defense, and those with short or light positions should focus on defensive low buying and high selling. Short-term investors can refer to the analyst's interval strategy to grasp the small band, set a stop loss point, focus on the main entry range of $85,000-86,000, and stop loss immediately if it is broken; Position holders can reduce their positions in batches of $90,000-$90,589. 6. The risk warning K-line shows that the price has fluctuated violently and the sense of direction is not strong in the recent stage, and the selling pressure above $90,000 is intensive, and the failure of the infinite attack will increase the risk of a crash. The cooling volume indicates that the wait-and-see in the market has intensified, and once there is extreme volatility in the short term, it may trigger further withdrawal of funds, resulting in the instantaneous failure of the support level. Investors must strictly adopt the discipline of stop-loss, do not blindly chase the rise and kill the fall, and it is strongly recommended to avoid the operation mode of excessive leverage and excessive position. The current market has the characteristics of linkage with traditional financial market risks, and external events may exacerbate intraday volatility, so we must be highly vigilant against sudden non-linear declines. To sum up, the short- and medium-term trend of Bitcoin is still at a high level of pressure and shock, and it is necessary to give priority to defense, and flexibly adjust the operation in combination with the changes in the observed volume and support level.