Wave Theory Interpretation:

With the key resistance level of 86686 being effectively broken, it validates the previous structural judgment that 'the rebound has been initiated'. However, from the perspective of wave structure, the current upward trend since 74508 shows a clear three-phase rhythm, and during multiple segmented retracements, it has not formed clear impulsive wave characteristics. Therefore, it is more inclined to be regarded as a corrective rebound after a significant drop rather than the starting point of a new main upward phase; the current position can be initially viewed as the third segment in the rebound (blue line segment), which is at the same level as the previous first upward segment. If the upward movement continues, it is crucial to pay attention to the upper structural resistance zone at 91249 and the previous high platform area. If the price fails to break through this region and establish a new high, this rebound may halt at a lower level of repair, and could even face the risk of a continuation decline. The level of 83949 serves as a relatively weak support in the current structure; its loss will trigger an expectation for the end of the rebound in advance. Therefore, although it has escaped the downward pressure line in the short term, whether it possesses the level for a trend reversal still needs to be observed in terms of the strength of the subsequent upward structure and the continuation of momentum. $BTC