This market movement is interesting. Bitcoin first broke below the 90,000 mark, dropping all the way down to around 89,200, which is indeed frightening to watch. But what's the key point? Every time it retested 90,000, it was quickly bought back up.

What does this indicate? It shows that there is still support here. It's not a level that can be easily broken by individual traders.

From the hourly chart, 90,000 is both a psychological level and the recent bottom of this wave of volatility. The fact that it bounced back so quickly after breaking below suggests that the market has not yet reached a consensus to move into a one-sided decline. Trading volume also confirms this — during the dip, there was no sudden surge in volume to sell off, more like routine testing within the range.

The MACD indicator is currently below the zero line, but notice the green bars are narrowing. This detail is very important, indicating that the short-term downward momentum is weakening. The energy is insufficient.

Next, watch whether the 88,000 level can hold. This area was previously a major consolidation platform, with substantial accumulation of chips. If 90,000 truly cannot hold, then 88,000 becomes the second line of defense. If this level also collapses, then it would really be a sign that something is wrong.