$BTC 12.07 Bitcoin Price Market Update:

Bitcoin is currently around 89,000. After encountering resistance at 94,000 the day before yesterday, it has retraced all the way down to near 88,000, where it has found support. Yesterday, the price fluctuated and consolidated throughout the day. Looking at the detailed structure, as we mentioned yesterday, we need to wait for a small-scale confirmation move. If it makes another downward move before breaking through 91,000, then the small-scale trend structure will officially form. In that case, when it rebounds to the trend line we've drawn, which is around the 91,000–92,000 range, there will be an opportunity to set up a short position.

If the market moves as expected, first making a downward move and then rebounding back to the 91,000–92,000 area to open a short, the key thing to watch will be the support around 85,000. If 85,000 does not hold, the market will form a small double top, the downward trend will continue, and wave c five will truly begin. Whether c five starts depends on whether this downward move can materialize. If it can’t break down, the price may continue to consolidate.

In summary, the overall structure and outlook remain the same as yesterday. We are still waiting for a downward move to confirm the structure, and then for a rebound to the 91-92 range to open a short position.