This rebound is a short covering correction after a sharp decline, with no new funds continuously entering the market, and the trend has not shifted. Market anxiety has not yet dissipated, and multiple external factors are exerting pressure, with significant selling pressure above.

Overseas employment data shows positive performance, and the market's liquidity tightening expectations have increased. Regional instability has also heightened risk-averse sentiment. Many positions with high cost basis are waiting to break even and exit, and a small rebound can easily lead to concentrated profit-taking.

In terms of trend, the previous bottoming and rebound showed a mismatch between volume and price, relying on positive news to push higher without stabilizing at resistance levels. Trading volume cannot keep up with the upward pace, and a short-term pullback or correction is possible. Short-term moving averages are pressing down, and the overall trend is relatively weak, with continued intraday shorting on rebounds.

Bitcoin around 63,600-64,300 is short, with targets at 62,300-61,000, and if broken, further down to 60,000-59,000.

Ethereum around 1,710-1,740 is short, with targets at 1,630-1,550, and if broken, further down $BTC to 1,500.