Currently, BTC is in a range-bound consolidation pattern, below a cyclical resistance zone.

The 15-minute and 1-hour timeframes show the price approaching short-term resistance, with decreasing volume at high levels, indicating a lack of buying momentum. On the daily chart, volatility has narrowed, and trading volume has declined, suggesting increased market caution.
On the news front, large BTC transfers and increased holdings by listed companies continue, but overall public sentiment remains cautious, with most opinions leaning towards wait-and-see. Additionally, the Fear and Greed Index has reached an extreme fear zone, which usually indicates a phase of emotional release, but also reflects that short-term investor confidence is still relatively weak.
In shorter cycles like the 4-hour chart, MACD shows signs of a small bullish crossover. If the price can effectively break through the 90,000-89,600 zone, there is potential for a rebound towards the upper resistance area. However, if volume and price continue to lack strength, the probability of falling back to the 88,600-88,800 support zone is also quite high.