Bitcoin is stuck in a range at high levels, repeatedly oscillating. Each small rally is just a technical false rebound, not a genuine bullish reversal. The key resistance levels above have been tested multiple times but have failed to break through effectively, indicating strong resistance at high levels.

Currently, the selling pressure at high levels is extremely heavy. Whenever the price touches the resistance zone, a large amount of chips escape. The bulls have no capacity to absorb the selling pressure and cannot withstand the bears' selling. The daily chart has long shown obvious stagnation at high levels, with moving averages gradually flattening or even turning downward. The original upward momentum has completely fizzled out and slowed down, forming a very typical top formation at high levels.
On the surface, the price appears to be consolidating sideways and resisting declines without a major drop, but in reality, the bulls are weakly holding on, merely delaying the downward pace without active buying momentum. The hourly structure is weakening step by step, with rebound highs continuously moving lower, and support levels quietly being broken. Market bullish sentiment continues to cool down and is extremely subdued.
In terms of volume structure, it is a typical pattern of rising with decreasing volume and falling with increasing volume. No follow-through buying during rebounds, while funds rush to exit during declines. Signs of main capital leaving are very obvious.
Trading suggestions:
Short position: 79,000-79,500 with light positions, stop loss at 79,800
Target: 77,500
Long position: 77,300-77,800, stop loss at 79,300, target 79,500$BTC