April 29 Afternoon Analysis

Bitcoin's 1-hour cycle surged to 77,873.2 before double top resistance, then moved in a stepwise decline with high and low points decreasing in sync, forming a bearish structure. On the news front, the U.S. Federal Reserve's meeting kept interest rates unchanged, but officials released hawkish comments, delaying rate cuts. Coupled with persistent inflation, market risk appetite cooled, and previous profits were taken off the table; the market repeatedly faced resistance in the 76,000-76,300 range with heavy selling pressure. Currently, around 75,500, the consolidation is a continuation of the decline, with volume decreasing during drops and increasing during rebounds. Rebound momentum is exhausted, and the short-term outlook remains bearish. Rebounds to resistance levels can be used to establish short positions. If the key support at 74,868 is broken, the downward space will further open up.

Trading suggestion: Short at 76,100-76,600, target 74,100-74,600.