After reaching a high of $88,800 yesterday, Bitcoin formed a short-term lower high structure and has already fallen back to around $87,100. The 4-hour chart shows that the key resistance has shifted down to the $88,000-$88,500 range, which coincides with the EMA30 moving average and previous support turned resistance. Additionally, the MACD and RSI indicators continue to weaken, and trading volume diminishes during rebounds, indicating that bearish momentum is dominant.

The immediate support below is at the $86,800-$87,000 range. A break below this level could lead to further declines toward $85,500 and even $84,200. On-chain data shows increased exchange net inflows, and funding rates have turned negative, reflecting short-term selling pressure accumulation and a clear cooling of bullish sentiment.
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Overall, the technical structure suggests a tendency for downward pressure. It is recommended to adopt a defensive approach on rallies. If the price cannot effectively recover above $88,500, the short-term weakness will be difficult to reverse. A break below $86,800 could open up a larger downside space. Close attention should be paid to the impact of the US stock market opening tonight, but the overall outlook remains bearish.