Currently, Bitcoin's situation is a bit delicate. The price hovers around 90,589 USDT, the Fear & Greed index is only 25, and the market is showing signs of extreme fear. In the short term, fluctuations between 89,000 and 91,000 are expected, but the bearish signals are intensifying.

Let's start with the most direct pressure. Better-than-expected US employment data has strengthened the US dollar index, which is bad news for risk assets like Bitcoin—funds are fleeing outwards. Additionally, the increasing likelihood that the Federal Reserve may delay interest rate cuts is a concern; historically, similar situations often lead to a 1-2% drop within 24 hours. Even more concerning is the shrinking trading volume; if the critical support at 90,000 cannot hold, it could trigger a chain reaction of sell-offs.

The sentiment aspect should not be underestimated either. The market sentiment of extreme fear is spreading, and negative voices on social media are increasing. Investor confidence has been worn down almost to the limit. Interestingly, large holders have also been quietly reducing their holdings—on-chain data shows that approximately 5,000 BTC have flowed into exchanges in the past 24 hours. The funding rate for derivatives has turned negative, and the futures market is dominated by bears, indicating that in the next 8 hours, the range between 84,000 and 90,000 is likely to be tested repeatedly.

From a technical perspective, although the RSI (14-day) is still at 47, which appears quite neutral, it is approaching the oversold edge. Once it breaks below 50, a bearish trend can be confirmed. The MACD histogram is narrowing, indicating momentum is waning in the short term. The lower Bollinger Band is around 89,500, which could be the new low. Overall, the next 8 hours look quite pessimistic.