From observing the 4-hour technical chart, the price initially remained range-bound and oscillated sideways between 64,000 and 65,000. After that, it continued to print large consecutive bearish candles, with bearish market forces becoming the dominant driver of the trend.

With the latest candlestick body narrowing, trading volume is currently low. This means that after a short-term rapid sell-off, the tug-of-war between bulls and bears is becoming relatively calm, and the market is entering a phase of periodical consolidation.

In the MACD technical indicator, both the DIF and DEA lines are running downward in sync and quickly. The histogram bars continue to shorten, indicating that bullish upward momentum is gradually exhausting. The two lines are about to form a death-cross pattern, and the technical signals point to a weaker short-term market trend.

For the BTC rebound, sell the 64,500–65,000 range, with the downside target at 63,000.

For long positions, you can go long around 63,000–62,500.