Thursday Morning Bitcoin Market Analysis: Weak Rally, Short Pressure Continues

Yesterday's market can be described as a bear's playground, with a volume-driven decline directly opening downside space. Price has continued to decline from the 74,600 level, with lows touching near 70,400, reaffirming the bearish thesis. Currently, the market is oscillating and consolidating around the 71,000 level, which is normal correction after a decline.

From the current structure perspective, the daily chart closed with a large bearish candle and consecutive bearish candles retesting, basically confirming the mid-term top around 76,000 above. The moving average system has turned downward, and all technical indicators are weakening in sync. The overall bias remains bearish, and further downside extension cannot be ruled out subsequently.

Looking at the four-hour level, price has descended in a stepladder fashion with consecutive bearish candles breaking through volume below the lower band. Short-term structure has clearly weakened, and the bearish trend has already formed. Under this rhythm, operationally there's no need to trade against the trend—following the trend is the core strategy.

Comprehensively speaking, any bounce in the short term should still be treated as a high-level short opportunity.
Reference the 71,500-72,000 zone to place short orders in batches; watch the 70,000-68,000 range below to capitalize on the downside space.
$BTC ‌#Gate13周年全球庆典