Looking at the spot market for BTC/USDT (time 22:35), here is a brief overview of some key technical points.

**Data Overview**

The current price is 89,834.8, down 1.65% over the past 24 hours. Overall, the highest reached 92,159.3, and the lowest dropped to 89,429.9. Trading volume is decent, with 6,380.71 BTC traded, equivalent to about 579 million USDT. The mark price is 89,837.9, which is basically in line with the current price.

**What Do Moving Averages Tell Us**

The short-term MA5 is 92,024, MA10 is 90,448.6, and MA20 is 89,177.3 — at first glance, the arrangement looks relatively complete. But the problem is, the price has already fallen below the MA5 and MA10. What does this indicate? Clearly, momentum is waning. More concerning is that EMA5 has crossed below EMA10 (dropping from 91,131.5 to 90,607.7). When such signals appear, short-term correction is basically confirmed.

However, there is a support level worth noting: the MA20 at 89,177.3. The current price is still hovering around this line, which can still provide some support. If this line also fails to hold, then we might test lower levels — the previous low of 84,456.2.

**How to Read the Candlestick Pattern**

From the high of 94,793.7, BTC has been in a continuous pullback, forming a sideways downtrend structure. Currently, the candlestick is around 89,800, roughly at the lower end of the recent fluctuation range (89,429 to 92,159). The key now is whether it can stabilize within the 89,400 to 89,800 zone.

Overall, the short-term faces some pressure, but the support levels are relatively clear. How to operate depends on your risk appetite and position size.