Currently, Bitcoin is around 71,100, having broken below the middle band of the Bollinger Bands at approximately 72,100. This is a classic weak bearish pattern. The funding situation is even worse, with the bearish selling momentum showing no signs of weakening.

At present, the Bollinger Bands are opening downward, and the price is moving along the lower band, forming a standard downward channel. The middle band around 72,000 has shifted from support to strong resistance. A rebound is a selling opportunity. The lower band at 70,400 is the first line of defense. Once broken, the 70,000 level will be inevitable, and the downside space will open directly!

Suggestions

Look to short around 72,000 targeting 70,500 with a stop-loss at 72,500