Bitcoin four-hour chart is still oscillating repeatedly, with the entire price structure pressing below the EMA7/30/120 lines. It looks like EMA30 and EMA120 have already experienced a death cross, and the medium-term direction is indeed a bit unclear.

On the four-hour level, MACD's DIF and DEA are still in the negative zone and continue to diverge downward. The bearish momentum is clearly dominant, but there are no signs of bottom divergence yet.

Strategically, the 86,000 level can be tested with a light short position — but be prepared, with a stop loss set at 90,000. If it really moves downward, first see if 86,500 can hold; if this level is broken, then 85,000 becomes the next observation point. Keep an eye on the #比特币与黄金战争 linkage as well.