Currently, the support at the 86,000 level still shows a certain effect. From the daily perspective, the price is under pressure and has retreated, forming an oversold phenomenon, which has been corrected in the subsequent bullish rebound, but the overall trend is still dominated by bears.
In the shorter time frame, the four-hour chart shows a certain continuation of the rebound, with no obvious top signal observed yet. In the short term, the key level above the price is around 90,000. If a stable breakthrough cannot be achieved, the 86,000 support will face further breakdown risks. From the one-hour level, the market has entered a narrowing consolidation phase, and the weak pattern has been temporarily repaired, currently showing a boxy oscillation consolidation situation. Although a continuation trend has appeared, it has not shown an upward trend.
Midday thoughts:
Bitcoin short near 89,500-89,800 looking towards 87,000-86,000
Ethereum short near 2,520-2,550 looking towards 2,400-2,370
