Earlier, Bitcoin dropped to around 86,355 and showed a clear long lower shadow, indicating that there are still buyers stepping in at the bottom. The bears have also been somewhat releasing pressure these past couple of days. However, after the rebound, you'll notice that the strength is actually quite average—the lows haven't been broken again, and the highs have been slightly lifted. The problem is that on the four-hour chart, the price has been consistently resisted around 88,000 and has pulled back, leaving a series of upper shadows. Clearly, the sell orders above are still quite fierce.

Looking at the moving averages, although the price is close to the short-term MA, it has never truly broken through or stabilized above it. In simple terms, this is just a technical rebound within a downtrend. The one-hour K-line still shows a bullish candle, but the issue is that the body is too small and the volume is insufficient. This is more a result of short covering and emotional easing, not new funds continuously entering the market.

Overall, the situation is still a weak rebound within a downtrend. The key resistance levels haven't been truly broken, and the overall market structure remains unchanged. If the price continues to oscillate below 88,000 or if the rebound shows obvious signs of weakness, caution is needed for a new downward move. The possibility of a medium-term bear trend still exists. Trading advice is not to chase highs blindly and to pay more attention to signals indicating that resistance levels are being pushed back down.