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Today's reminder is similar to yesterday: BTC touched 65,000 twice but failed to break through, this barrier is very obvious. Once the upward trend line is broken, it will trigger an irreversible continuous decline. Currently, the hourly rebound has already met both conditions of "not making a new high" and "breaking a new low," so the rebound is basically over, and therefore, no long positions are considered for now. The optimal shorting position above remains around 65,500, as I mentioned yesterday. In the long term, the crypto market currently lacks strong narrative support and is more influenced by macro liquidity and cyclical logic. Fortunately, based on the timeline, the crypto market has entered the middle to late stage of the bear cycle.