The Bollinger Bands have been under continuous pressure for 30 minutes, and the trend has significantly weakened. After breaking below the 860 level, it may accelerate towards the 800 range.

From a technical perspective, 880 is a key resistance level above. Failure to effectively hold this position could trigger a new round of decline. Currently, it is in the early stage of a continuous main downtrend.

There has been a significant change in market participation structure—BTC's main capital has gradually exited, and it is now a direct confrontation between retail investors and institutional investors. In this imbalance of forces, the technically weak performance often accelerates the downward movement. There are certain short-selling opportunities here, but strict risk management is required.