Bitcoin's intraday volatility is relatively convergent, with the price falling back from above 78,000 during the early morning phase, then consolidating around 77,500, and further retracing to around 77,200 to stabilize. Afterwards, it enters a sideways phase, with the market not trending in one direction but oscillating repeatedly within the 77,200-77,600 range, with bulls and bears pulling back and forth. The price repeatedly tested above 77,500 but failed to form a sustained breakout, and the decline also lacked continuity, overall showing a horizontal consolidation pattern. From the afternoon to evening, the market's center of gravity slightly shifted upward, temporarily rebounding near 77,800, but still unable to stabilize, then returning again to the range. Near midnight, the price slightly retreated to the 77,200 level. Overall, the day’s rhythm was mainly range-bound, with fluctuations but no breakout, more reflecting a digestion after high-level consolidation. Ethereum's trend was largely synchronized, rising to 2,328 in the early morning before falling back, with the lowest test below 2,300. Then, it maintained a range of 2,310-2,320 with repeated oscillations, and in the evening, it rebounded near 2,320 but faced resistance and declined, touching a low of 2,298 before slightly recovering. The entire day also exhibited a narrow-range oscillation pattern.

From the structure of the market, on the daily chart, Bitcoin after a continuous rally entered a high-level consolidation phase, unable to further break new highs, with short-term momentum slowing down, indicating a correction phase after the rally; the four-hour chart is currently critical. Bitcoin has shown signs of a relatively clear downward shift in the high points, with resistance forming above 78,000, falling back to around 77,800, gradually reducing the rebound height, while the lows below 77,200 are repeatedly tested, indicating that support is being continuously consumed, and the structure is beginning to tilt bearish, but no clear breakdown has occurred. The one-hour chart shows a weak oscillation, with rebounds mainly technical corrections lacking trend continuation. Ethereum's four-hour chart also shows a slow decline in high points and weak rebounds, consistent with Bitcoin's structure. Overall, the current market is transitioning from high-level oscillation to a weakening phase. Trading strategies should be clearly biased toward bearishness but avoid chasing shorts; participating on rebounds is more reasonable. Once the four-hour chart breaks down effectively, the market may open a new downward space, with stronger continuation of the bears.