Thursday Morning Bitcoin Market Analysis: Weak Rebound, Bearish Momentum Continues

Yesterday's market can be described as the bears' playground, with a surge in volume causing a sharp decline that directly opened downside space. The price has continued to decline from the 74,600 level, touching lows near 70,400, with bearish thesis playing out once again. Currently, the chart is oscillating and consolidating around the 71,000 level, which is normal correction following the decline.

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

Looking at the four-hour level, price has descended in a ladder-like pattern, with consecutive bearish candles on expanding volume breaking through the lower band. Short-term structure has clearly weakened, and a bearish trend has already formed. Under this momentum, operationally there's no need to counter-trend trade; following the trend is the core approach.

Comprehensively speaking, any short-term rebounds should still be faded with shorts as the main strategy.
Reference zones 71,500-72,000 for layering in short positions, with downside focus on the 70,000-68,000 range to realize profit from the bearish space.
$BTC ‌#Gate13周年全球庆典