Bitcoin rebounded from the early session to 67,800 yesterday, then continued to trade in choppy conditions and trended downward all the way. Although there was a technical pullback near 65,400 during the mid-session, in the afternoon multiple tests of the 67,200–67,500 range failed to form an effective breakout, and sell pressure from above was clearly evident.

In the evening, the market moved lower in tandem, and the price broke down again. In the early hours, the low touched around 64,000, and the decline is still ongoing with no obvious signs of stopping.

From the 4-hour structure, the candlesticks have been closing in consecutive bearish candles, with lows stepping lower (67,800 → 65,400 → 64,000). Meanwhile, rebound highs keep getting capped lower (67,500 → 67,200). The Bollinger Bands have opened downward and accelerated in expansion. The MACD has a death cross, with the green histogram continuing to widen. The RSI has entered below 20 into an extreme oversold condition, but has not formed a bullish divergence. The volume-price relationship shows the typical bearish pattern of heavy volume on declines and lighter volume on rebounds.

At present, key support to watch is the 63,500–62,200 range. If the bears continue to add to volume and increase selling pressure, the market is likely to further break through 64,000 and test the prior low at 62,000 or even lower.

In terms of trading, keep the main approach of selling short on rebounds. Resistance to watch is in the 65,000–65,500 area. Unless there is a volume-driven bullish candle that reclaims 66,500, do not try to guess the bottom or catch the bottom—strictly control position size and follow the trend.