Bitcoin experienced a rollercoaster today. In the early morning around 10 o'clock, it surged above 89,000, and the bulls seemed poised to break through directly. But what happened next? During the European session in the afternoon, it started to retreat, and now it has fallen back to the 88,000 level.

Honestly, this trend is a bit risky. The breakout in the morning looked like a "trap"—a fake move to lure in buyers, only to slam down afterward. Now, 88,000 has become the most critical support level and the final test.

What’s next? Two possibilities:

If the US stock market opens tonight and manages to hold above 88,000 and rebound, it indicates that this is just a normal "breakout and retest," and the bulls still have a chance. But if it falls below 87,800, then the morning breakout is considered a failure, and the market may re-enter a range-bound consolidation or even continue to decline to lower levels.

The key lies in the bulls' mindset—currently, the market has shifted from morning optimism to caution. The 88,000 level is the last line of defense for short-term bulls; holding it could mean a turnaround opportunity, but failing to do so means admitting defeat.