Bitcoin fell below the 68,000 mark as expected in the early morning, testing lows near 67,300, with short positions capturing nearly 800 points of profit. While the current price has rebounded to around 68,300, overall momentum remains under pressure, with bullish counterattacks showing limited strength. 68,000 has transitioned from support to resistance.

On the daily timeframe, MA5 and MA10 have formed a bearish death cross with downward divergence. The current rebound has not effectively held above 68,000, suggesting potential bull traps. On the 4-hour chart, price is moving within a downtrend channel, with rebounds facing headwinds at the Bollinger Band middle line. The MACD fast and slow lines show signs of another death cross after consolidating below the zero line, indicating that bearish momentum has not significantly weakened. On the hourly timeframe, the 68,500-68,800 zone and the 0.382 Fibonacci retracement level form a double resistance layer, with rebounds lacking volume support. The short-term bearish structure remains unchanged.

Before the price can effectively hold above the 68,000-68,500 zone, it is recommended to maintain a sell-on-rallies approach, viewing each retest as an entry opportunity. Pay close attention to the 67,300 support level, as a break below would further open downside potential. Short positions can be held or added on suitable opportunities. #Gate13周年全球庆典 $BTC