#数字资产市场动态 BTC reached 90373.4 and then pulled back. Currently, it’s hovering around 87981.4, and many traders are starting to panic. But experienced traders don’t look at simple price increases or decreases; they focus on whether the structure is correct.

**What does the technical analysis say?**

The Bollinger Bands are widening, and the MACD green histogram is expanding, which translates to increased volatility and ongoing bullish momentum. This is a good sign. But details are crucial — the difference between DIF (417.7) and DEA (405.1) is narrowing, and the price has already broken below the MA5 (8982.8), indicating that short-term selling pressure is indeed intensifying.

Where is the real support? The middle Bollinger Band at 87500 must not be easily broken. As long as this level holds, it’s essentially a normal correction, and there’s no need to panic and sell impulsively.

You can verify this by looking at the trading volume — during the pullback, volume didn’t spike abnormally, which suggests that the main players aren’t dumping aggressively; retail traders are just a bit panicked.

**On-chain data insights**

The most interesting point is that large BTC amounts are continuously flowing out from exchanges into cold wallets, a phenomenon that has become particularly obvious recently. Who is doing this? It’s those patient institutions and big holders. The BTC balance on exchanges has dropped to its lowest point of the year, indicating that the actual selling pressure is shrinking, not expanding. This reverse trend confirms that the panic is from retail traders, while the main players are repositioning.

**Tonight’s US CPI is a key turning point**

The data is about to be released. If the CPI comes in below expectations, risk assets will rebound violently; if it exceeds expectations, the 87500-86500 zone below will serve as a strong support. In either case, volatility will increase — volatility equals opportunity.

**Trading logic**

In the short term, expect continued oscillation and testing of the 87500 support. But based on on-chain accumulation and key technical levels, the trend has not yet turned bearish. There are two scenarios: if 87500 is broken with high volume, then focus shifts to 86000; if it holds steady with low volume around 87500, that’s an opportunity to participate on the right side.