Four-hour level, Bitcoin surges higher but faces resistance and pulls back, with highs continuously moving lower and lows constantly refreshing, forming a standard downtrend structure, with a clear head-and-shoulders trend.

The market volume increases with consecutive bearish candles, selling pressure above continues to be released, and the head-and-shoulders pattern lacks strong support. The coin price breaks below previous support levels, indicating an extremely weak trend, and the short-term slight rebound is only a continuation of the decline.

The original support has now turned into strong resistance; if the price cannot stabilize above this zone, the head-and-shoulders pattern will not change, and the subsequent trend is likely to continue oscillating downward.

BTC rebounds around 76,600-77,200, with a head-and-shoulders pattern, targeting lower at 75,800-74,800.

ETH rebounds around 2,300-2,340, with a head-and-shoulders pattern, targeting lower at 2,260-2,180.