Bitcoin is showing a overall oscillating downward trend, starting to decline from the high point around 88,860 early this morning. During the oscillation, it remains under pressure at the short-term resistance level, with the lowest touch near the 87,000 area. Ethereum's movement is highly correlated with Bitcoin, starting its downward trend from the high of 3120 and dropping to the low of around 3050. Throughout the process, it exhibits a weak follow-through pattern, highlighting the market's linkage.

On the daily chart, the downward channel continues to extend in an orderly manner. After experiencing a short-term weak rebound and failing to break through key resistance, the market has clearly shifted to a steady oscillating downward rhythm. Bearish momentum is gradually releasing, driving the moving average system into a synchronized resonant decline. The MACD indicator remains below the zero line, signaling that the market trend has definitively reverted to a bearish dominance, with this downward trend showing strong persistence and structural stability. The four-hour chart continues to display a weak downward pattern, with prices consistently constrained by the lower boundary of the channel, indicating a unilateral weak decline characteristic, further solidifying the foundation for the daily bearish trend. Currently, the market pace suggests that bearish forces are still accumulating. Short-term rebounds are not signs of trend reversal but typical weak correction actions, mainly to accumulate energy for further declines. Today's early operations focus on rebound-based short positions, with key resistance at 88,500-89,000 and critical support below at 85,000-86,000.

Specific trading suggestions: Pay attention to the resistance levels at 89,800-90,500 and 91,300-91,800. If these resistances hold without breaking, consider short positions with a target of 500-6,000 points lower. A break above 92,500 is regarded as a reversal signal.