Bitcoin is currently exhibiting a volatile downward trend, starting from a high point around 69,800 early this morning and beginning to decline. During the oscillation, it repeatedly broke through short-term support levels, with the lowest dip reaching the 68,000 area, indicating continued bearish momentum. Ethereum's movement remains highly correlated with Bitcoin, simultaneously starting its decline from a high of 2,100 and falling toward the 2,030 low, showing a consistent weak follow-through. The correlation among mainstream coins further highlights the market dominated by bears, with a clear bearish rhythm.

On the daily chart, the upward channel has been completely broken. After experiencing a period of stagnation at high levels and the exhaustion of bullish momentum, the trend has shifted, entering a phase of oscillating downward. Bearish momentum is concentrated, causing the moving average system to form a resonant downward arrangement, with short-term moving averages continuously suppressing the price. This pattern indicates a clear trend reversal to a bearish dominance, with the previous upward structure fully dismantled and the downward trend likely to continue strongly. The four-hour chart continues to show a weak correction pattern, with prices steadily declining along the lower boundary of the channel, displaying technical features of a one-sided weak decline. The MACD indicator has a death cross below the zero line, with green bars expanding, further solidifying the daily bearish trend.

Currently, the market rhythm indicates that bearish forces are still exerting pressure. The short-term rebounds are not signs of a trend reversal but typical of a false rally designed to trap bulls and consolidate bears, aiming to build selling pressure for further declines and to digest overhead trapped and bottom-fishing positions. Based on the current technical patterns and volume performance, this morning’s operations will mainly focus on shorting during rebounds, strictly controlling risk, and following the bearish trend.

Specific trading suggestions: Pay attention to resistance in the 70,150-69,500 and 71,200-71,800 ranges. If these levels hold without breaking, consider shorting from higher levels, targeting a 500-6,000 point decline. A break above 71,800 would signal a short-term trend reversal and could also be viewed as an opportunity to go short.