First, give sweeteners or directly dump the market? At 4:00 PM today, a silent battle for funds is about to unfold. As a crypto market analyst with seven years of experience, I will break down the real logic behind this market movement.

Approximately $27 billion in options contracts are about to expire, a volume that is enough to tighten market participants' nerves. Currently, Bitcoin is repeatedly testing around $87,250. Looking at the 4-hour chart, it seems the bears have the upper hand, but the long lower shadow left by a two-thousand-point "deep V" rebound suggests that the bulls are still gathering strength.

The question is: will this rally be a trap to escape or will it break downward directly? My straightforward judgment is—it's likely a "rally first, then kill" pattern, but the upward move may be kept relatively restrained.

Let's look at the details of the 4-hour K-line. The price has fallen from the high of $94,569.9 to the current level. $84,401.9 is the critical support line—do or die. On the MACD indicator, both DIF and DEA are negative, indicating bearish momentum is still being released. But the most noteworthy point is—at the low of $86,891.7, a clear hammer candlestick appears, indicating that there are quite a few buy orders waiting at the $87,000 level.

The bullish and bearish sentiments are completely opposing. The bears' confidence comes from the daily chart closing below $87,500 for three consecutive days, forming a resistance. The bulls, on the other hand, are holding onto the support represented by this long lower shadow, unwilling to give up easily. At 4:00 PM today, who can hold out until the end will depend on who has more substantial chips in hand.