4.23 Morning Bitcoin Market Outlook

Bitcoin surged last night, reaching a high of 79,400, then faced resistance and pulled back. After that, it started a sustained, one-way decline, with the lowest reaching around 78,100. Currently, it is consolidating at a low level around 78,200.

After running into resistance at the highs, the bullish momentum quickly exhausted—while the highs kept moving lower, and the selling pace continued to accelerate with expanding volume. However, at the low level, it has temporarily stopped falling slightly. After the high-level pullback, volume continues to be released, and the downside momentum is still ongoing. Rebound strength is extremely weak. Overall, the bearish trend dominates for the day. Rebounds are mainly under pressure from high-position selling; only after key support stabilizes should you consider a light short-term long position as a secondary supplement.

In terms of the formation, after a sharp rise, the market quickly reversed lower and weakened. On the 15-minute timeframe, it continues to close in bearish candles and move downward. The short-term death cross is fully diverging, and the top-reversal signal is clear. Downside supports are repeatedly broken, while overhead resistance is layered and keeps pressing down. Bottom-fishing risk is extremely high. The overall bearish big-picture pattern is in control, and sell pressure at high levels will likely continue to be further released.

Trading Suggestions
Short on rebounds in the 78,600-78,900 zone, with the first target at 77,900. If it breaks down, look at 77,500-77,100-76700$BTC $ETH #Gate13周年现场直击 $BTC