Following last week's sharp decline in Bitcoin, yesterday's move was one of the more straightforward attempts to rally north in recent times, but it was short-lived and retreated back to around 66,500 overnight.

Based on comprehensive on-chain and capital flow data, the current market is in a tug-of-war phase between "institutional accumulation and large holder distribution." Overall sentiment remains cautious, and a consolidation pattern is likely to persist in the short term.

From a technical perspective, the four-hour Bollinger Bands are showing a slight sideways pattern, with the price dropping from the upper middle band and plunging into the lower band region, with key support levels under pressure. The price is hovering around 66,700; if this level is broken, further downside may follow. The 1-hour RSI is approaching oversold territory, while the daily RSI remains neutral. Funding rates are close to zero, indicating healthy leverage levels and a lack of strong trend momentum.

Recommended strategy: observe more, act less. Considering ongoing selling pressure, short-term trading could consider a light position in the 66,000–66,500 range, with a stop at 65,500 and targets up to 68,500.