Last evening's probe dropped through the 69,000 level as expected, reaching a low of 68,700, with short-side momentum further releasing. Although the price has quickly rebounded to around 69,400, this action is technically still a corrective rebound triggered by short covering after a sharp decline, not a signal of trend reversal.

From a chart structure perspective, the breakdown of the 69,000 level further strengthens the market's bearish pattern, with this level having shifted from previous support to an important resistance zone for subsequent price action. The current price rebound to around 69,400 is precisely the critical area to test the effectiveness of this breakdown. If unable to quickly reclaim and hold steady above the 69,700-70,000 range, this rebound is likely just a technical correction within a downtrend continuation pattern. On the indicator side, the 4-hour MACD dual lines continue to show a dead cross divergence below the zero axis, with the bearish momentum histogram showing no obvious volume contraction, indicating that the market's intermediate-term adjustment has not yet ended.

For evening operations, maintain a momentum-following bearish outlook, focusing on how the rebound stalls and faces pressure in the 69,500-69,700 zone. Space can be taken for short positions when price fails to rise through this area, with downside targets potentially reaching toward the 68,000 round number level. Meanwhile, set stop loss above 70,200 to guard against potential wash-outs from extreme volatility. #Gate13周年全球庆典 $BTC