Bearish trend confirmed, rebound mainly shorting high

Bitcoin surged to around 76,200 last night, then touched the short-term resistance at the daily chart level and resonated with the upper band of the 4-hour cycle, suppressing the bullish momentum rapidly. It then began a continuous unilateral decline. During the day, the price kept falling, reaching a low of 73,666, repeatedly breaking through multiple short-term key supports. Although there was a slight oversold rebound in the afternoon, the overall rebound was weak.

From the structural pattern, the market shows a clear characteristic of a bearish arrangement with successive lower highs and lower lows. The bullish rebound has no continuity; each attempt to recover is met with strong resistance and decline. The market is entirely dominated by bears. On the 4-hour level: candlesticks are continuously declining downward, moving averages are arranged in a bearish pattern, and the price remains under the short-term moving averages. The MACD indicator's bearish bars continue to enlarge, and the KDJ is at a low level with no golden cross or stabilization signal, indicating an obvious downtrend. On the daily level: the short-term upward structure has been broken, the price has fallen below the key oscillation zone’s lower boundary, bullish momentum has significantly weakened, and it is unlikely to form an effective rebound in the short term.

Overall, all current rebounds are purely technical oversold corrections, not trend reversals. Resistance levels are stacked, and the space for bullish recovery is extremely limited.

Today's core idea: follow the trend, with rebound selling as the only main strategy. Short entry zone: around 75,500, entering in batches. Stop-loss set above 76,500. First target: 73,500. If broken, look at the second target: 72,000–72,500.