Looking at the chip structure, the current price ($89,000) is right in the middle of the chip concentration zone of $87,000-$96,000. At the same time, the $87,000 level still holds 548,000 BTC in reserves, making it the strongest support level. Although the chips at $83,000-$84,000 also seem significant, this is influenced by Coinbase's wallet reorganization rather than actual demand. Therefore, this is not the strongest support. This further highlights the dual importance of $87,000-$88,000 in terms of capital structure and chip structure. In the short term, the $87,000-$96,000 range is a critical point for BTC's next directional move. However, investor sentiment has become sensitive at this time, and any negative news—even something seemingly insignificant—could further damage the market's already fragile confidence. On the other hand, if $87,000 holds, there’s still a chance to challenge $98,000 again. Historically, before entering a bear market, BTC tends to repeatedly attempt to break through the STH-RP (Short-Term Holder Realized Price) line, only continuing downward after multiple failures.