Bitcoin is currently in an extremely bearish phase. The daily DeMark sequence shows a 9 reversal into a large bearish candle, and all the 4-hour moving averages and channels are breaking down across the board. Additionally, there are hawkish headwinds from the Federal Reserve (the dot plot indicates only one rate cut, and JPM forecasts zero rate cuts or hikes in 2027). The combination of three layers of structural damage results in a strong continuation of the decline. Aleng's clear assessment is that Bitcoin may directly test around 50,000. Operationally, options are extremely limited—short traders must wait for the price to retrace to the 15-minute support tunnel line before entering; if no rebound occurs, continue waiting. For long rebound trades, divide into three levels (67,800 / 65,700 / 63,250) for attempts on the left side; all are high-risk operations with strict stop losses of a few hundred points and quick profit-taking. It is strictly forbidden to frequently bottom-fish during the downtrend. For the major level golden pit zone between 57,700 and 56,600, continue dollar-cost averaging (note the risk boundaries under the extreme scenario of 50,000).