Bitcoin has sharply declined by 3,000 points in the past 24 hours, after four consecutive weeks of oscillation and rebound. Currently, bullish sentiment is waning, trading volume is insufficient, upward momentum is weak, and the weekly chart shows a narrowing volume increase, with volume and price diverging. The daily chart has formed a bearish engulfing pattern, indicating a clear bearish signal.

The 6-hour upward trendline has been effectively broken. Currently, after a rebound test of the breakout resistance, the bearish structure is established. There have been multiple false breakouts at high levels, with quick pullbacks after trap moves. The core support level is 76,000; a break below this will trigger a sharp decline.