Tonight, Bitcoin's price action is indeed worth paying attention to. The rebound from the support level of 88,400 initially seems to ease the downward pressure, but a closer look at the trading dynamics suggests a less optimistic picture.

Here's how the situation has developed: After opening, BTC oscillated repeatedly at high levels, then experienced a clear decline, with the lowest touching around 88,400. Shortly after, the US stock market opened, and market sentiment eased somewhat, leading Bitcoin to rebound slightly. However, this rebound is weak and faced resistance again as it approached the intraday high, beginning to weaken once more. Currently, the market is in a state of oscillation.

To understand the true meaning of this price movement, we can't just look at the price changes; we need to analyze from multiple dimensions. First, look at volume: during the decline, trading volume significantly increased; during the rebound, volume contracted, indicating that selling pressure dominates and buying strength is insufficient. Next, from a technical perspective, Bitcoin has broken through several key moving averages, and the chart pattern suggests that a short-term reversal is unlikely. Regarding market correlation, the rebound in US stocks also provides limited support for crypto assets.

All these signals point to one direction: the current rebound is more like a pause during a downtrend rather than a trend reversal. The bearish momentum still exists, and there is still a possibility of further downside.