Bitcoin recently surged to around $89,000 but quickly turned downward. The selling pressure at this level is indeed significant. Currently, it is fluctuating around $88,000, with occasional rebounds but clearly lacking strength. Each rebound high is lower than the previous one, indicating that buyer enthusiasm is waning.

From the moving averages perspective, the situation is also not very optimistic. The previously upward trending moving average system has flattened and shows signs of slight downward inclination, which means that the bears are quietly gaining strength. Although there is support below, if the consolidation phase does not break through the resistance above after some time, testing the support levels downward becomes a high-probability event.

The key issue is that the continuous buying volume cannot keep up. Without new incremental funds entering the market, this consolidation can easily evolve into a bearish continuation pattern. From a trading perspective, it is advisable to watch for opportunities to short when rebounds weaken, or to directly follow the downtrend after key supports are broken. Attention should also be paid to relevant technical changes in ETH.