Looking at the 4-hour K-line, Bitcoin surged to around 90400 and encountered obvious resistance, then immediately formed a long upper shadow. The selling pressure at high levels is concentrated and released, and the characteristics of a top are already quite clear—the initial shape of a double top is gradually emerging.

From a technical perspective, the price has effectively broken below the short-term upward trend line. The upper band of the Bollinger Bands indicates clear resistance, while the support at the middle band has been tested repeatedly, with its effectiveness clearly weakening. During the pullback, trading volume did not increase accordingly; each rebound was limited in height and was repeatedly stopped below previous highs. This indicates that the bullish momentum has already weakened, and the technical conditions for a bearish correction are fully met.

**Trading Strategy (mainly short on rebounds)**

**For BTC:**
Gradually establish short positions in the 88900-89500 range, with subsequent targets at 87000 and 86000. If there is no volume support during the rebound, continue to hold the short positions.

**For ETH:**
Look for opportunities to short in the 2990-3020 range, focusing on the key levels at 2850 and 2750 below. Do not consider going long until there is a solid footing above 3050.