#美国证券交易委员会推进数字资产监管框架创新 Bitcoin's recent market movement has indeed been tough. From the high of 93544.3, it has been falling steadily, with the 24-hour range touching a high of 90303 and a low of 85266.6. Currently, it’s hovering around 86666.5, with a clear decline.

Looking at the moving averages makes it even more painful. The short-term MA(7) is 86634.3, the mid-term MA(25) is 87568.2, and the long-term MA(99) is 90086.2 — the price has broken through both the short and mid-term moving averages, with all three lines trending downward, indicating a bearish trend and putting real pressure on any rebound.

Volume also tells the story. During the decline, trading volume significantly increased, showing strong selling pressure; although there are sporadic rebounds now, there’s no volume support, making the rebounds look weak. The timing is also more awkward — today’s decline is 0.55%, weekly decline is 5.83%, monthly decline is 7.66%, and over 90 days, it’s down 26.28%. The long-term trend is clearly downward.

The key now is whether the 86600 level can hold. If it breaks, it’s hard to avoid testing the lows around 85000. At this critical point, U.S. policy attitudes toward the crypto market are also influencing investor confidence, but ultimately, it depends on the actual technical performance. $BTC