2. Technical Analysis

• Short-term resistance: $66,800–$67,500 (intraday pressure zone, primary resistance during rebound);

• Short-term support: $63,000, $61,500; breaking below $61,500 will open a new downward space;

• Indicators: Daily chart fully broken, short-term moving averages suppressed by bears, RSI at low levels, short-term slight technical oversold rebound possible, but the long-term bearish trend remains unchanged.

3. Fundamental Catalysts
① The risk appetite in the US stock market is weakening, with continuous net outflows from spot BTC ETFs over several days, and institutional funds are temporarily withdrawing, which is the core reason for this round of continuous decline;
② Global macro risk aversion sentiment fluctuates, the US dollar’s temporary strength suppresses crypto asset valuations;
③ Panic sentiment within the market is spreading, short-term stop-loss selling intensifies and amplifies the decline.

4. Brief outlook
Short-term oversold conditions suggest a slight rebound and correction, but with ETF funds continuing to flow out and a confirmed bearish trend, the rebound is mostly a weak correction, making a quick trend reversal unlikely.
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