Bitcoin is showing a overall oscillating downward trend, starting to decline from the high point around 71,748 early this morning. During the fluctuation process, it gradually broke through short-term support levels, with the lowest dip reaching the 69,404 area. Ethereum's movement remains highly correlated with Bitcoin, starting its downward trend from the high of 2,085 and falling to the 2,000 support level. Throughout the process, it exhibits a weak follow-through pattern, highlighting the market's linkage.

On the daily chart, the upward channel has clearly encountered resistance and contracted. After experiencing short-term resistance during a rally and rapid decline in bullish momentum, the market has shifted to a oscillating decline pattern. Bearish momentum is gradually releasing, causing the moving average system to form a downward turning resonance pattern. This indicates that the current trend is temporarily dominated by bears, with a short-term downward structure likely to continue. The four-hour chart continues to show a weak correction pattern, with prices steadily declining along the lower boundary of the channel, displaying a one-sided weak technical characteristic, further solidifying the foundation for a bearish correction on the daily chart. Currently, the market rhythm indicates that bearish forces are still being released. Short-term rebounds are not signs of trend reversal but typical pullbacks under pressure, mainly to accumulate energy for further declines. Today’s early trading strategy remains focused on rebounding to lay out short positions.

Specific trading suggestions: Pay attention to resistance in the 71,100-71,700 and 72,800-73,500 zones. If these levels hold without breaking, consider shorting at high points, targeting a 500-6,000 point decline. Watch for stabilization above 73,500 for signs of trend reversal.