Bitcoin's short-term market is at a critical juncture. The current price hovers around $89,199.7, with a 24-hour decline of 1.93%, but this is not the most noteworthy point — the 7-day drop has already reached 6.14%. Both spot and futures trading volumes are clearly shrinking, market momentum is gradually weakening, and a wait-and-see sentiment is beginning to emerge.

From a technical perspective, resistance is at the $90,500 level, while short-term support is around $87,500. If this support is effectively broken, it could trigger a new wave of selling pressure. Notably, the decline in the past 24 hours has already led to the liquidation of some leveraged longs, further increasing short-term downward pressure.

Interestingly, while the price is falling, the 90-day CVD indicator shows that both spot and futures markets are dominated by "buying on order flow." This suggests that large traders are accumulating on dips, but whether this accumulation is driven by genuine demand or is a bait trap during the short-term decline remains to be seen. The first support zone to watch is around $88,000; if this level is lost, the next test would be the medium-term support at $85,500.

There is a clear divergence in the funding side: the funding rate surged by 47.8% in 24 hours to 0.007355, but both price and open interest are decreasing simultaneously. This forms a classic bearish divergence signal, reflecting overheated leveraged long sentiment that is seriously disconnected from the spot trend. Such a state is highly vulnerable to short-squeeze attacks, and long-term positions face the risk of being squeezed out.

On the macro level, gold has broken through its all-time high, and silver has also risen to high levels, with the market filled with extreme risk-avoidance sentiment. However, this sentiment has not spread to cryptocurrencies — this disconnect itself is sending a signal.