Today, the overall capital outflow sentiment is extremely clear. After a morning spike higher, the bulls’ strength kept fading; influenced by expectations for macro policy, risk-off sentiment in the market was released in a concentrated manner. “Big Cake” has carved out a one-way downtrend, with the lowest dipping to 64,525 before the selling pressure stopped. It is currently consolidating slightly around 64,700, buffering.

The short-term channel is being pushed downward across the board. All short-term moving averages have turned into reverse resistance. Even if indicators show a small turn, it is only a brief pause after a big drop—without any new funds flowing in to provide support, it is difficult to see a decent rebound.

In the key short-term zones: below, 64,400-64,525 is the only area that is currently absorbing; above, the first resistance sits around 65,060. As long as price cannot hold above this level, the downtrend has not changed. If later the price rebounds slightly upward to test the 65,060 resistance level, the bulls’ follow-through will be weak and sell pressure will surge again, causing the market to keep refreshing the lows. This kind of small rebound is a window to ride the trend and look for a pullback. If multiple tests toward the 64,400 area fail to break below it, and the chart starts printing consecutive small-range consolidation candlesticks—while indicators continue to grind at low levels—this would mean the short-term downside momentum has been used up. Only then will a repair phase begin. Right now is not suitable for entering early to bet on a reversal.

Big Cake around 64,200 — target 66,000
Ethereum around 1,730 — target 1,850