Trend Structure: Falling within a downward channel. Prices have been suppressed by the channel since May, with highs continuously declining.

· Key Support: First support at 1,950; if broken, then look at 1,800.
· Recent Resistance: The first resistance above is around $2,030 - 2,150.
· Market Sentiment: Dominated by sellers. The active buy-sell ratio is below 1, and spot ETF funds have recently been flowing out, indicating low willingness to chase highs.

💡 Operational notes to pay attention to:

· Look more, act less: Weekend market trading volume is usually lower, and prices tend to fluctuate easily. It is not suitable to directly short or heavily buy the dip at this time.
· Watch for key signals: A safe opportunity on the right side is a volume breakout of the descending channel (above the support near 1,950). If it holds, there may be a small rebound, but the risk is relatively high.