Recently, Bitcoin's price movement has been quite interesting — from a sharp plunge to a consolidation phase, the bulls and bears haven't stopped their tug-of-war.

Let's start with the current situation. After Bitcoin broke below the key support level of 87,000, it has been repeatedly testing lower levels. From the hourly chart, the price is currently hovering below $88,000, and also remains below the 100-hour simple moving average. If it wants to re-establish itself above the important threshold of 89,350, the challenge is indeed significant.

The battle around 88,500 is particularly intense. This level is not only a resistance point but also coincides with a downward trend line pressing down. After the price broke below 88,500 earlier, it failed to hold the support at 88,000 and even briefly dropped to around 86,500. Fortunately, the bulls found a foothold near 85,151 and began a rebound correction. Currently, if the bulls can continue to exert effort at the 100-hour moving average, there is still room for further upward movement.

However, the problem is also clear — bears are exceptionally active around 89,000, and the price just can't push higher. The first resistance level is indeed at 88,500 USD. If this downward trend line isn't effectively broken, the rebound will be difficult to sustain.

Looking downward, immediate support is around 87,000, followed by 86,500. If 87,000 cannot hold, the next key supports are at 85,500 and 85,000. Falling below 83,500 could accelerate the short-term decline. The key now is whether the bulls can hold steady around 88,500 — this will determine whether the price continues to rebound or begins a new downward wave.