Bitcoin has been in a three-week decline: with increased volume, there is extreme panic selling. The current price has touched the lower boundary of the long-term downward channel (60000) and found support for a rebound; the trend remains downward, but it has entered a technically oversold area and is beginning to rebound. On the daily chart, after a single-day drop of 15%, a long lower shadow appeared, indicating that there is support at lower levels, but no reversal structure has formed yet. Key price levels: resistance at 71700(Fibonacci 0.5), support at 59000(Fibonacci 0.382). If broken, it may test 43000(Fibonacci 0.236). MACD and RSI bearish momentum are still present, but RSI is oversold and shows signs of upward correction. In the short term, focus on the 4-hour chart, and seize short-term opportunities. A pullback near 62300 can be considered for long entries, with rebound targets around 67000-70000.