Bitcoin Evening Analysis

Tonight's Bitcoin trend is very clear. The hourly chart shows a stair-step decline, with higher lows and lower highs, clearly indicating a weak market. Don't think that once it drops below 60,000, it can't go further down—the decline might just be beginning. Blindly trying to catch the bottom could easily lead to being trapped.

Currently, there's a downward trend line pressing down. Without breaking through this line, Bitcoin is like carrying a heavy burden and can't move upward. Only a valid breakout above this line will lead to a decent rebound. In the short term, watch around 68,523—there's significant resistance at this level. If it can't break through, don't expect higher prices.

At the moment, 66,697 seems to have support, but it's fragile. If broken, the price will head straight for the 65,797–65,235 range. If this zone is also lost, the downside space will open further.

$BTC Here's a simple trading reference for everyone: a volume breakout above 67,121 can be a light long position to chase the rebound; if it drops below 66,966 with volume and can't recover on a rebound, decisively go short—remember to set your stop-loss. If the hourly chart stabilizes above 67,347, then look at 68,316–69,258. Without breaking this level, rebounds are just false signals.

On the 4-hour chart, be even more cautious. Bitcoin is below the midline of the range and has tested the head and shoulders neckline at 65,873. The first test didn't produce a strong rebound, so the next test likely will break down. Once broken, the head and shoulders pattern is confirmed, and a second bottom is coming. If it breaks below 66,008 on the 4-hour chart and can't recover, further decline is highly probable, targeting 65,167–64,161.

In summary, at this stage, contrarian long positions carry high risk. Quick in-and-out for small rebounds, avoid holding on. Focus on trend lines and key support and resistance levels, operate based on signals, and don't gamble on the market based on feelings.