$BTC Bitcoin has been repeatedly indicating since late May that the area around 780 is an excellent long-term short position setup, likely the last high-altitude opportunity in this round. The current market has confirmed this, with this round of bears realizing a profit of 15,000 points. After reducing short positions, continue to hold and wait for a rebound to add positions as scheduled. The current downward slope is quite steep, and I believe there is a need for a slight rebound.

As the price continues to decline, the overall market sentiment is strongly bearish, but following the trend does not mean entering the market arbitrarily. The key watershed is 650-670, which is a densely traded zone. If the price cannot effectively stabilize at this level, the larger downward trend will not change. The best strategy at this stage is to patiently wait for a rebound signal under pressure and avoid blindly shorting.

On the weekly cycle dimension, the medium-term key support for Bitcoin is in the 540–570 range, with the second support around 1600. In the upcoming deep correction, pay close attention to the price’s resistance at this level.

Tomorrow’s Friday night non-farm payroll data still needs to be watched. My personal view is that it remains bearish, and the probability of it being better than expected but still below the previous value is quite high.