The 4-hour cycle chart shows that after the price faced resistance at the high of 742, it continued to decline steadily, with bearish selling pressure gradually releasing. The price repeatedly rebounded but was blocked by the middle band of the Bollinger Bands, forming a strong resistance, causing the market's center of gravity to keep shifting downward. During the evening trading session, the bears concentrated their efforts, pushing the price down rapidly. After dropping to a low of 661, the short-term bears temporarily paused, and the price held above the support at the low, consolidating with slight declines and range-bound correction.

On the larger cycle, the main trend structure is intact, with the moving averages diverging. Both fundamental and technical factors resonate with bearish signals, and the rebound momentum is lacking. The short-term rebound is only a technical correction and cannot change the overall downward trend.

BTC rebounded near 67,300-68,000, with support at 66,600-65,000.

ETH rebounded near 1,880-1,920, with support at 1,850-1,780.