#大户持仓动态 Looking at this wave of Bitcoin's rebound, honestly, it's just bluffing. The upward moves are all long upper shadows, with selling pressure so overwhelming it's frightening. The truly brave buyers have long since stayed away. The bears now hold the market’s lifeline.

The four-hour chart better illustrates the issue. Every time it hits the upper band of the Bollinger Bands, it gets ruthlessly pushed down, with volume supporting a break below the lower band. The support levels that were supposed to hold are now all breached. The moving averages all point downward, and the bear formation is tightly packed, locking the market in place with no movement.

The current strategy is—open a short position directly in the 86,000 to 86,500 range. The first target is 84,000. If this level can't hold, then continue to watch 81,000.