Last night, the Nasdaq hit a new high, but BTC failed to break through and fell back again. What's next? Although both U.S. stocks and BTC are risk assets, the money driving them is different. U.S. stocks are supported by AI orders, corporate earnings, and buybacks, so funds are willing to chase certainty. BTC's rise from $57,800 to $87,000 relied more on ETF inflows, short covering, and sentiment recovery. But at $85,000-$88,000, trapped positions and profit-taking from the bottom are being realized, making further upward movement naturally harder. On the 4-hour chart, BTC has twice attempted to break $87,000 but was pushed back, though the price is still holding above $83,800-$84,200. MA120 and MA200 continue to rise. So this isn't a peak, but rather a high-level consolidation after a failed breakout. ETFs are still seeing inflows, but BTC has been unable to surpass $87,000, indicating institutions haven't retreated, but the selling pressure above is heavier than expected. From here, focus on three key levels: - $86,000-$87,400 is the resistance zone; - $83,800-$84,200 is the first support; - $81,500-$82,000 is the trend defense line. A strong breakout above $87,400 with volume would signal strength; however, if U.S. stocks and ETFs remain strong while BTC falls below $82,000, that would be a true sign of weakness.