Bitcoin is currently trading around 84,900 USDT, showing a weak downward trend on the daily chart. The price has broken below the key moving averages MA7 (87,700) and MA25 (89,700), both of which are still trending downward. The longer-term MA99 remains above 104,000, indicating an overall bearish long-term trend. In simple terms, Bitcoin is in a consolidation phase within a downtrend and has not yet reached the starting point of a new upward move.

From the candlestick structure, Bitcoin has sharply fallen from the high of 105,000 to 80,600, then rebounded to around 92,000. Currently, after consolidating around 85,000, it is again testing downward. The trend is clear—first falling, then rebounding—and now confirming the direction, which clearly points to further decline. Meanwhile, the trading volume of the recent downward candles has not shown significant increase, indicating that the market is not in panic selling, and there are no signs of frantic dumping by major funds. This also explains why Bitcoin's decline has been relatively restrained compared to Ethereum's sharp drop.

From the KDJ indicator, the current K value is at 17, and the D value is at 28, reflecting that the market remains in a weak phase. Based on comprehensive technical analysis, Bitcoin needs more time in the short term to digest its decline. Investors should be cautious about rebounds, and until the overall trend improves, position management becomes especially important.