On the morning of December 26th, when analyzing Bitcoin's technical outlook, I want to provide some insights from several perspectives.

First, let's discuss the trend framework. After Bitcoin previously surged to the 90588 level, it clearly faced resistance, forming a temporary top, followed by a pullback to 86420 for support. Currently, the price is around 87851. What does this movement indicate? BTC is not in a straightforward uptrend or downtrend mode but is instead in a high-range consolidation and correction phase. In other words, the market is gradually clarifying its direction through repeated tests of the upper resistance and lower support levels.

Next, looking at the moving average structure, which can intuitively reflect trend strength. MA7 (short-term) is near 87891, MA25 (mid-term) is at 88021, and MA99 (long-term strong resistance) is at 88800. Currently, Bitcoin's position is close to MA7 but is clearly being suppressed by MA25 and MA99. This positional relationship is quite interesting — although there are signs of a rebound, the rebound strength is not strong. In fact, as long as the price cannot stabilize above the 88000 to 88200 range, this rebound cannot be considered effective; it can only be qualitatively regarded as a weak rebound.

The KDJ indicator signals also warrant attention. K value at 71, D at 66, J at 81, indicating the indicator is in the overbought zone. Continuing to chase long positions in this state is likely to be washed out by subsequent pullbacks. From another perspective, this is a cautious position.

Finally, here are some key levels for reference: strong resistance is in the 88200-88800 range, short-term support is around 87200, and more significant support below that should be closely monitored. Understanding these levels will be very helpful for judging the upcoming market rhythm.