Yesterday, Bitcoin faced resistance at the 74,000 level after a rally, and in the afternoon, the market oscillated and weakened downward, with the price dropping to around 70,650 before stabilizing. Although the overall trend is somewhat bearish, the short-term oversold rebound and correction demand are becoming evident. During the daytime trading session, do not blindly chase short positions.

Technical analysis: The 4-hour chart shows that after the price broke down, it quickly recovered in the short term. The bearish momentum continues to weaken, indicators are gradually stabilizing, and all moving averages are converging. The support at the bottom is solid, with no signs of breaking down. On the 1-hour chart, after consecutive sharp declines, a low-level bullish candlestick appeared, indicating the exhaustion of bearish power. Moving averages are turning upward, and the market has entered an oversold zone. In the short term, it is more likely to form a range at the low levels and rebound with oscillation.

Trading ideas: In the intraday, prioritize long positions at low levels. If the rebound is weak and faces resistance with little upward momentum, then consider shorting accordingly.

Bitcoin retracement around 70,400-71,000, targeting 72,000-72,500. If broken, look for 73,000-74,000.

Ethereum retracement around $BTC 1,960-1,990, targeting 2,020-2,050.