From a technical perspective, the current market has completely fallen under the control of bears, with the daily and 4-hour charts showing synchronized downward momentum and extremely weak price action. The moving averages above are firmly suppressing the price, with 68800 constituting key support. If the rebound cannot firmly hold above 70800, the market will likely choose to break lower, potentially accelerating the downside.

The 4-hour level has already formed a clear descending channel, with limited rebound space.

The overall strategy should primarily focus on trading with the downtrend.

For BTC, it is suggested to short around 70800-71500, with targets looking lower at 68900-68000.

For ETH, it is suggested to short around 2170-2200, with targets looking lower at 2110 and 2020.