The market action during the early hours once again validated the classic script of "whipsaw and shakeout." Bitcoin temporarily approached the $68,000 level under inertia, while Ethereum broke through the psychological support at $2,000, with the lowest touching $1,926. However, the decline did not trigger a chain of liquidations; instead, significant buy orders appeared at the lows, and the price quickly rebounded. Bitcoin regained above $68,900, forming a typical "volume-driven lower shadow" pattern, indicating strong defensive willingness in that area. The bears failed to hold their gains, and short-term sentiment has begun to shift.

From a technical perspective, Ethereum quickly recovered after breaking below $2,000, which is a classic "bear trap," where the main force uses leverage liquidation to clear out positions and then swiftly recovers lost ground, paving the way for a subsequent rebound. Meanwhile, the hourly MACD shows signs of bottom divergence, with declining momentum already exhausted. If the price can hold above $69,000, it may attempt to test the $69,500–$70,000 region further.

Overall, the early morning dip and rebound seem more like a proactive defense by the bulls followed by a counterattack. The short-term panic has been released, and the market's focus is gradually shifting upward. As long as the $68,000 level is not effectively broken again, the current rebound could mark the start of a new rally, with the bulls still holding the medium-term initiative. $BTC ‌#Gate广场发帖领五万美金红包