Last night's market movement can be described as quite risky. Bitcoin quickly stopped its decline and rebounded after falling to $86,300, and is now back around $87,400. This level clearly shows that bulls are defending the market, and their strength is not weak.

From the 4-hour chart, the price is steadily holding above the short-term moving averages, and both RSI and MACD are showing signs of recovery, indicating positive momentum. The overall short-term trend appears to be stabilizing, and the rebound momentum is gradually establishing.

The key level to watch next is the $88,000 to $88,200 range. If trading volume cooperates, breaking through this resistance should not be a problem, and the next target could be $88,500 or even $89,500. In this case, there is still room for growth.

From a trading perspective, consider short-term long positions when the price stabilizes above $87,200. But on the other hand, risk should not be completely ignored—if the price falls below $86,800, it may return to a sideways oscillation pattern, rendering the previous rebound meaningless.

Ultimately, how far this rebound can go depends on whether trading volume is sufficient and whether market risk appetite can be maintained. The Federal Reserve's policy moves and macroeconomic sentiment changes will also influence the subsequent trend. The short-term rebound momentum is good, but its sustainability still needs to be observed.