After this sharp decline in the early morning, the market did not experience a significant rebound or correction, but instead maintained a narrow range of oscillation at low levels. This itself is a characteristic of a weak market. Bitcoin is trading sideways around 66,000, and Ethereum around 1,950. This sideways movement not only fails to exhaust the bearish momentum but also continues to erode bullish confidence, accumulating energy for the next downward move.

From a technical perspective, the current consolidation pattern is a typical "downtrend continuation" formation. On the 4-hour chart, the price remains under pressure below the MA5 and MA10 moving averages, which are forming resistance around the 66,300-66,500 range. The price has yet to break back above this level, indicating that the bulls lack the willingness and ability to mount a reversal. The Bollinger Bands on the hourly chart are beginning to converge, signaling that after a brief period of calm, a trend reversal is likely imminent. Since the price shows signs of breaking down again after a failed rebound, this is probably the start of a new downward wave. Support levels below need to shift further down to the 65,000 mark. Once this psychological level is tested again, the probability of a breakdown will significantly increase. In terms of trading strategy, maintain a bearish bias in line with the trend. Until a clear bottom structure appears, any rebounds should be viewed as risks rather than opportunities.

Bitcoin strategy: Short in the 66,500-66,800 range, target 65,000
Ethereum strategy: Short in the 1,960-1,980 range, target 1,900