From a technical perspective, BTC has significantly broken below previous highs, with the price once touching the lower bound of the range at 87,727.50 USDT. Short-term momentum is limited on both sides. Daily MACD, RSI, and other indicators are in neutral to weak zones, and trading volume is declining, indicating cautious market sentiment.

Combined with derivative structure, a large amount of funds are currently allocated to put options at 85,000 USDT and call options at 100,000 USDT. The capital game causes the price to fluctuate within this range, mainly oscillating in the middle. Coupled with high market panic sentiment, it is difficult for the bulls to sustain a breakthrough in the short term, but there are also institutional passive hedges to stop the decline at the lower end, so the probability of a sharp drop is limited.
If new funds flow in or macro positive news is released, there is a chance to challenge the resistance at around 94,000 USDT; otherwise, after digesting the sentiment through oscillation, the probability of re-choosing a direction increases.