From a technical structure perspective, the price has formed a daily-level "lower high" and "lower low" bearish pattern, and it continues to operate below the main moving averages. The current 89,000-89,500 zone has become a recent key resistance area. If a rebound cannot break through this area with volume, the moving average system will form a dynamic resistance, and the bearish momentum may further strengthen. The short-term core risk lies in the validity of the previous support at 87,900. Once this level is broken, the downward space may further open up to the 85,000-86,000 region.