This afternoon's rebound looks quite strong, but in reality, the momentum is clearly insufficient. Bitcoin wants to reclaim the losses from earlier in the day, but it got stuck at the $87,000 mark, hitting a snag around $86,800 and then pulled back down, now hovering around $86,500. This trend shows signs of fatigue, and the bulls really have no strength at this moment.

Looking closer at the hourly chart, the rebound high point has a long upper shadow—bears are not resting at crucial positions, pressing down hard. The whole situation is that it bounces up from a low position only to be pushed back down, each rebound lower than the last, making it clear that the bears are in control now. The area between $87,800 and $89,200 has already formed a thick resistance wall; if the price can't regain a foothold in this range, the downward momentum will likely continue in the short term.

If the price continues to soften and breaks below today's low of $85,700, the next stop will likely be around $85,000 looking for support, and it might even test deeper structural support areas. Right now, the bulls can't muster a counterattack, and the key resistance level hasn't been broken; the entire market is still stuck in the weak consolidation quagmire. At this time, one must be wary of another round of bottom testing, closely monitoring whether those key support and resistance levels hold, and it's better to be cautious until the trend becomes clearer.