From the recent trend, Bitcoin has been adjusting from the high of 97,900, with a decline that exceeds many people's expectations. Based on the structure, it is currently still in the Wave A correction phase, having broken below the lower boundary support around 89,200, approaching the lower band of the Bollinger Bands (about 87,937), where it found some support. Whether a Wave B rebound can be initiated next depends largely on the movement of US stocks, so patience is needed to wait for confirmation signals.

If a rebound does occur, it is expected to face resistance in the 91,500 to 92,500 range, after which it is likely to enter the Wave C decline phase, and there is even a possibility of testing the lows around 87,000 to 86,000 again.

From a moving average perspective, the 30-day moving average has already turned downward (currently 90,893), while the 60-day moving average remains upward (90,133). If the price can break back above the 60-day moving average, it will be a necessary condition to support the Wave B rebound.

The Bollinger Bands also show interesting behavior— the middle band (MA20) has been broken downward, becoming an important resistance during the rebound, although the band itself is still gradually rising. The entire Bollinger Band is entering a contraction phase, so in the short term, Bitcoin may oscillate within a relatively wide range.

Regarding MACD, the two lines have already formed a death cross, although still above the zero line, indicating that a significant decline is less likely in the short term. However, this indicator needs about a week to recover, and if an upward movement occurs during this period, it is essentially just a rebound.

The RSI signals are also quite clear— the 24-hour market average RSI has fallen from 43.9 to 43.8, and Bitcoin's own RSI (14) has dropped from 46.2 to 42.5, approaching the weak zone between 40 and 30. This further confirms that short-term correction pressure remains.

Overall, the current situation is about finding the possibility of a rebound amid deep adjustments at high levels. The key supports are at 88,000 and 87,200, while resistance levels are at 91,500 and 92,500. The market needs time to work through this correction pattern.