Technical Analysis: The price has broken below the key support level of 88,200 USDT. The 1-hour / 4-hour candlestick charts are both showing a bearish alignment. MACD remains negative, RSI is in a downward channel, and trading volume is increasing simultaneously. The bearish momentum is accelerating.

Market Sentiment: The long-short ratio among large accounts (number of accounts / open interest) indicates dominance by bears (about 60% short positions). Funding rates have been negative multiple times, and the perpetual contract price is below the spot price, reflecting a strong market bearish sentiment.

Emotional Sentiment: The Fear and Greed Index is at 29 (fear zone). $17.3 billion in funds have exited the crypto market. New capital is entering cautiously, and market selling pressure exceeds buying interest.

Short Entry Point: 87,800-88,000 USDT. Price rebounded to the minor resistance zone. Open short positions in batches to improve win rate. Set stop-loss at 88,500 USDT, a recent minor high. If broken, the bearish trend invalidates. Take profit targets: First target: 87,269 USDT (previous low). Second target: 86,031 USDT (secondary support).