Breaking! $BTC Life-and-Death Situation: Huge Sell Orders Pressing Down, Will There Be a Rebound or a Crash?

The current price of Bitcoin is $89,490, having dropped 1.68% overnight, reaching a low of $87,688 before pulling back. The 4-hour chart shows signs of a rebound, but the daily level still maintains a bearish trend.

Resistance levels above are in the range of $91,500 - $92,000, while support levels below are between $89,000 - $89,500. If the price breaks below $87,500, it may further drop to $85,000 or even $80,000.

In terms of operations, those looking to bet on a rebound can buy in lightly at $88,000 - $89,000, targeting $91,000 - $92,000; those looking to short should wait for a rebound to $92,000 - $93,000 before entering, with a target of $89,000 - $90,000, and be sure to set stop-losses.

Additionally, there has been a large order recorded on the BTC four-hour order book, but this sell order may be withdrawn at any time. It is advisable to patiently wait for the four-hour close and observe whether this sell order remains. If it does, the likelihood of subsequent rebounds breaking through $94,000 will be difficult, and the probability of a downward trend will significantly increase. Therefore, it is best to wait and observe the following situation patiently.

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