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Bitcoin just broke through $90,000 and then turned downward, now falling back below $87,000. The market's panic atmosphere has dissipated, replaced by a wait-and-see attitude. According to on-chain data analysis, this rebound looks more like short sellers covering their positions rather than new buying entering the market. Bitcoin is now fluctuating around the middle of $80,000, while Ethereum is also quietly sitting near $2,930, showing little movement. To confirm a bullish rebound, stronger buying momentum is needed, but currently, this energy is clearly lacking. The entire market is in a consolidation phase, with no clear direction in the short term.