1. Market Overview Based on the 14-day K-line and the nearly 48-hour hourly K-line data, BTC's latest closing price is 85,406.8 USDT, experiencing a significant pullback from the recent high of 94,476 USDT. Over the past 14 days, BTC has shown a pattern of high-level oscillation followed by a sharp decline, with the range between 94,476 USDT and 84,450 USDT. Recently, trading volume has fluctuated more significantly, especially during the high-level pullback phase (such as the cycle from 86,432.1 to 85,516.4 USDT), with daily volumes ranging from 9,408.15 to 19,778.7, indicating strong selling pressure. Short-term hourly K-line analysis shows BTC facing clear resistance above 88,500 USDT, followed by a rapid drop below 86,000 USDT, with multiple sharp downward spikes, reflecting market sentiment leaning towards panic and caution. From market news and analyst perspectives, the current environment is generally interpreted as under pressure. News emphasizes that "despite new funds flowing in, Bitcoin still shows downward signals," and "the current trading price is over 30% below the historical high," indicating market confidence has been notably affected. Some analysts mention "BTC has triggered the first take-profit level" and "all out around 87,800 USDT," showing that bulls have actively locked in profits at previous highs, with dominant forces tending towards a wait-and-see stance.

2. Technical Analysis
1. Support and Resistance Levels Using the 14-day and nearly 48-hour K-line data, obvious short-term resistance levels are at previous highs of 90,365.9 USDT, 88,500 USDT, and the recent 85,750.9 USDT. The first significant support near the current price is at 85,295.2 USDT, with further support at 84,450 USDT. If this zone is broken, the daily support band could extend to the recent two-week low of 80,600 USDT.
2. Trend Characteristics and Indicator Analysis Over the past 14 days, BTC experienced high oscillation around 94,000 USDT, followed by a sharp decline of over 10,000 USDT within a week, with multiple lows at 85,146.6 USDT, 85,266 USDT, and 85,295.2 USDT, indicating fierce battles between bulls and bears. In the last 48 hours, hourly charts repeatedly fluctuated within the 85,500-86,000 USDT range but ultimately failed to hold, showing a breakdown and downward trend. Volume analysis shows that key turning points (such as days of sharp decline) are accompanied by increased volume, indicating significant selling pressure, while rebounds see diminishing volume, suggesting weak recovery momentum.
3. Pattern Features The daily chart shows a clear head-and-shoulders pattern, with no sharp rebound during the decline. The hourly K-line shows no clear bottom signals, and there is a high risk of further short-term decline.

3. News and Policy Interpretation According to the latest market news, "BTC broke below 85,000 USD this morning," with reported prices and data matching, reflecting that the market is approaching critical support zones. News articles express concern about downside risks, capital inflows, and pressure hedging, especially noting "new institutional funds inflow conflicts with market pressure," and emphasize that "the market is at a critical crossroads." However, recent policies show no new favorable or substantive regulatory measures, with policy updates over the past 24 hours, one week, and one month being zero, indicating limited short-term impact.

4. Analyst Opinions Summary All analyst opinions are summarized as follows: "BTC has triggered the first take-profit level," "all out around 87,800 USDT, manually closed positions," "entering short near 87,400 USDT," and some mention "directly entering positions around 86,588 USDT," with stop-loss set at 85,000 USDT. These views generally suggest that bulls have taken profits and some have shifted to a short position, supporting further downward movement. Based on the K-line data, the suggested short and take-profit levels have appeared, accompanied by clear declines, consistent with actual market conditions, with no obvious misjudgment.

5. Future Trend Prediction and Trading Suggestions Combining K-line trends and market sentiment, the probability of BTC testing the 85,000 USDT support in the short term remains high. If 85,000 USDT is broken, the price may test 84,500 USDT and even lower levels such as the daily low of 80,600 USDT. Currently, resistance is concentrated around 86,000-86,500 USDT; without volume support, the price will be difficult to effectively return to 90,000 USDT. For short-term traders, it is advised to closely monitor the 85,000 USDT support; if broken, risk control should be promptly implemented to avoid deep retracements. If the price rebounds from 85,000 USDT, 86,000 USDT can be considered as the first short-term resistance for flexible trading, but avoid blindly chasing bottoms or longs.

6. Risk Warning K-line data shows recent large price fluctuations, with a maximum range exceeding 5,800 USDT within two days, and abnormal volume increases. If the key support zone continues to see volume and breaks downward, further deep declines are possible. Investors must pay close attention to extreme short-term volatility; high leverage and chasing longs or shorts should be approached with caution. Stop-loss orders should be strictly set at 85,000 USDT or below to prevent significant account drawdowns during sudden market moves. Overall, market volatility and downward momentum remain strong; avoiding blind bottoms and counter-trend trading risks is essential.