1. Market Overview

Recently, the Bitcoin market has been under pressure with a clear downward trend. According to the latest daily K-line data, Bitcoin's current closing price is $89,076.1, which becomes the "current price" for this report's analysis. The past 14 days of K-line data show that Bitcoin has sharply retreated from a high of $97,924.5, with fluctuation ranges between $97,924.5 and $86,601.9. Recently, daily average trading volume has increased, ranging from 1,785.4 to 15,840.6 coins. Market volatility in this cycle has risen significantly, mainly due to four consecutive days of single-day amplitude exceeding 5%, with frequent intraday sharp fluctuations. Market sentiment is dominated by pessimistic expectations. Analysts generally believe that support below is around $87,800, and short-term key resistance levels have already shifted downward. Mainstream news reports such as "Bitcoin faces a new round of selling pressure" and "Market prices face new trading shocks" have intensified risk-averse sentiment, with investors adopting a wait-and-see attitude and reducing positions.

2. Technical Analysis
1. Support and Resistance Levels
The highest point on the daily K-line is $97,924.5 (14 days ago). The recent seven trading days' highs have significantly decreased. Currently, the closest support level is at $86,601.9 (14-day low), with important support below at the $87,250-$87,800 range (focused on by multiple analysts). Recent resistance is at $89,381.9 (latest daily high), with higher resistance levels at the $91,000-$92,300 range (recommended stop-loss points by analysts).

2. Trend Analysis
The K-line price has been continuously declining, with highs over the past 14 days gradually moving lower, forming a typical downward channel. In the past 48 hours, hourly K-line data show that Bitcoin experienced a rapid decline followed by a slight rebound, but overall remains weak. Volume data at the daily level show significant expansion in the $88,000-$89,500 range, indicating intense battles among major funds in this zone.

3. Intraday Characteristics
In the latest 48 hours, the lowest point of Bitcoin was at $88,250, with hourly amplitude between $88,250 and $89,981, indicating limited rebound height. Short-term volume peaks are concentrated during rebound waves, showing limited rebound momentum. After breaking below $89,000, volume in some periods has increased significantly, warning of the risk of accelerated volume-driven declines.

3. News and Policy Interpretation
Recent news has focused on Bitcoin's sharp decline and market panic, such as "Bitcoin plunges to $88,000" and "Short-term sentiment tightens again." According to K-line data, on the day major negative news was released, Bitcoin's price also dropped sharply, indicating a significant market impact from the news. For example, "A whale trader set up orders to close positions in the $83,000-$85,000 range," which clearly indicates potential support levels below the market. Meanwhile, positive news such as "Active buying by specific Bitcoin holder groups" has not directly reversed the market trend, reflecting limited utility of current positive signals. Recent policy information shows no new policies in the past 24 hours, past week, or past month, with market influence mainly stemming from macroeconomic factors and market sentiment.

4. Analyst Opinions
Consensus among analysts is generally cautious:
- "#btc accumulated long positions at 89300-88700, take profit at 90800-92300, stop loss at 87800": Suggesting phased long entries with defensive stop-losses above, emphasizing support levels.
- "In extreme BTC conditions, go long at the bottom, with forced liquidation stop-loss below 69000 and target at 90000": Warning of deep retracement risks, with $90,000 as a key battleground.
- "BTC has already hit the critical level of 90800 in the short term, which requires close attention..." Indicating that if $90,800 is lost, further correction is likely, with $85,000 as a potential lower target.

Comparing these opinions with the K-line performance, the current K-line has broken below some key support levels like $90,800 and $90,000 that analysts focused on, indicating a weaker market trend than expected. Some stop-loss points have been penetrated by market prices, showing significant risk for leveraged long positions.

5. Future Trend Prediction and Trading Suggestions
1. Trend Forecast
The K-line has formed a downward channel, with a prominent weak trend. If the $89,000 level is confirmed to be broken, the market may continue testing support in the $87,250-$87,800 range. If this zone cannot hold, the probability of further short-term decline to $85,000 increases. In case of a short-term rebound, the $91,000-$92,300 zone will be an important resistance, with limited rebound space.

2. Trading Recommendations
- Those with higher risk tolerance may consider gradually entering long positions in the $87,250-$87,800 range, with strict stop-loss below $86,601.9.
- If the price stabilizes above $89,381.9, consider light long positions targeting the $91,000-$92,300 resistance zone.
- Be cautious about chasing highs; if the market further breaks below $87,000, stop-loss must be executed decisively.

6. Risk Warning
Based on recent K-line performance, Bitcoin's intraday amplitude has increased, with significant volume expansion, showing high speculation and strong shakeout characteristics. The $88,250-$89,000 range has not formed effective support. If volume-driven declines continue, a new chain reaction of selling may be triggered. Investors should set strict stop-losses, control leverage, and avoid major asset losses caused by sudden market movements. Currently, there are no new favorable policies to support the market, and sentiment remains predominantly bearish. Short-term operations should be cautious. In summary, Bitcoin is facing ongoing downward pressure, requiring close attention to key support levels and volume changes, with prudent risk management.