The market is starting to shake things up again. As of 6 pm today, Bitcoin dropped to around $89,869, with a 24-hour decline of nearly 2.5%, and a trading volume of $4.78 billion. Ethereum performed relatively better, trading at $3,160, with only a 0.07% decrease, but its trading volume also shrank to $1.95 billion.

The total market capitalization of cryptocurrencies is now around $3.13 trillion, down 1.5% compared to yesterday. The most alarming thing is that the Fear & Greed Index is only 16, indicating the market sentiment is already extremely fearful. According to statistics, over 110,000 traders were liquidated today alone, with a direct loss of about $271 million.

From a technical perspective, Bitcoin's intraday strong support at $88,000 has been broken, with the current low around $87,500. A more critical medium-term support zone is between $85,500 and $85,900. If this line of defense also fails, the downside potential will be greater.

What about resistance levels? $90,000 is a psychological barrier, and there is a significant amount of sell orders stacked at this level. Above that, there is a trendline resistance at $90,500-$90,650, and a rebound target zone between $92,000 and $92,500.

The daily RSI is now at 43, below the midline of 50, indicating a bearish momentum. The candlestick chart has also broken several moving averages, and the short-term trend is currently a downtrend channel. On the four-hour chart, prices are oscillating within the $88,000-$90,000 range, with no clear direction. In this kind of market environment, caution is advised—neither chasing shorts nor rushing to buy the dip.