The early session Bitcoin market continues to be dominated by bears, with the chart entering a consolidation phase. Resistance levels are continuously suppressing support above—this rectangular pattern typically indicates an upcoming continuation of the downtrend.

From the 1-hour chart perspective, the M-top formed around 93.5 has already reversed, and the neckline at 92 has been effectively broken. This signifies that the previous upward trend has officially ended, and the technical outlook has now entered a retracement phase.

The secondary surge in the early hours was crucial—trading volume significantly declined. This divergence between volume and price precisely indicates that bullish momentum is rapidly waning. When the price breaks through the neckline, volume actually increases, confirming the validity of selling pressure.

In a downtrend, the appearance of such a convergence pattern usually does not signal a rebound but suggests that the decline will continue. As long as the current bearish momentum is not fully exhausted, breaking the lower boundary of the range effectively signals a green light for trend continuation.

The short-term trading strategy is as follows: the 91.5 to 92 range can serve as an entry zone for short positions. If the trade goes smoothly, targets can be set sequentially at 90, 88.5, and ultimately 86.5. If 90 is directly broken and cannot recover, it also indicates that the opportunity to chase short positions on the right side is now in front of you.