The current BTC market is showing a neutral sideways trend, although a hammer candlestick pattern has appeared on the technical charts, suggesting a possible bullish reversal. However, the shrinking trading volume and market sentiment of fear cast doubt on the validity of this signal. The overall market sentiment is bearish, and the slight decline in the US dollar index has not provided clear support for cryptocurrencies. Instead, the high yields on US Treasury bonds are exerting some pressure on risk assets. Therefore, in the current market environment, caution should be maintained, and close attention should be paid to the performance of key support levels.

The four-hour timeframe still shows a downward turn, with a pullback after a rally, gradually beginning to oscillate and trending downward, forming a mountain-shaped descending trend. Thus, intra-day rebounds should still be viewed as bearish.

For the day, it is advisable to continue to see rebounds as opportunities to sell, with a suggested short position around 76,500-77,000. The target is 75,000, and a break below that could lead to a bullish move towards 73,800.