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The Asian trading volume has returned to normal, and the market remains relatively calm. BTC was tested multiple times around 87,000 yesterday, and although there are liquidation data, the intensity was not as expected. The bearish traders' enthusiasm for chasing declines remains high. From the short-term position distribution, the liquidity accumulated by short sellers is mainly concentrated between 88,100 and 89,300, indicating significant pressure. Notably, a major institution has bought over 2,000 BTC in the past two trading days, with a clear increase in trading scale, but this did not trigger a coordinated sell-off, suggesting that large-scale entries are relatively cautious. In the short term, this price range remains the focal point of the battle between bulls and bears.