Bitcoin is showing a overall oscillating downward trend, starting to fall from the high point around 70,280 early this morning. During the fluctuation process, it gradually broke through short-term support levels, with the lowest dip reaching the 68,523 area. Ethereum's movement is highly correlated with Bitcoin, simultaneously starting a downward trend from the 2016 high point, dropping to the 1941 low point area. Throughout the process, it exhibits a weak follow-through pattern, highlighting the market's linkage.

On the daily chart, the downward channel continues to expand in an orderly manner. After experiencing a short-term weak rebound and completing a sufficient resistance top, the market has successfully shifted to a steady oscillating downward rhythm. The bearish momentum is gradually released, driving the moving average system into a synchronized resonant decline. This pattern indicates that the market trend has clearly reverted to a bearish dominance, and this downward trend is likely to be persistent with a solid structure. The four-hour chart continues to show a weak decline, with prices steadily moving along the lower boundary of the channel, demonstrating a one-sided weak downward technical characteristic, further reinforcing the foundation for the daily trend. Currently, the market shows that bearish forces are still accumulating. Short-term rebounds are not signs of trend reversal but typical pressure shakeouts, mainly aimed at accumulating energy for further declines. Today's early operations should focus on rebounding and establishing short positions.

Specific trading suggestions: Pay attention to resistance levels in the 68,800-69,500 and 70,500-71,300 ranges. If these levels hold without breaking, consider shorting at higher levels, with a target of a 500-6000 point decline.