Bitcoin is showing an overall volatile downward range. Starting from the peak at around 64,769 early this morning, it has begun to fall back; during the oscillation as price swings lower, it gradually breaks below short-term support, with the lowest dip reaching the 61,938 low area. Ethereum’s price action is highly correlated with Bitcoin: it simultaneously started its downward move from the high at 3,142, then slid down to the low at 3,065, showing a weak follow-through throughout and highlighting the linkage on the chart.

On the daily timeframe, the downward channel continues to extend in an orderly manner. After experiencing a short-term weak rebound and completing bearish “accumulation” to build momentum, the market has successfully shifted to a steady rhythm of oscillating and moving downward. Bearish momentum is being released gradually, driving the moving-average system into a synchronized resonant decline. The 50-day moving average at 71,880 and the 200-day moving average at 76,630 form strong resistance. This setup indicates that the market trend has clearly returned to being dominated by bears, and that the downward move has relatively strong persistence and structural stability. On the four-hour timeframe, the price action continues in a weak-down trend. Price remains constrained as the lower boundary of the channel keeps falling back, showing the technical characteristics of a one-sided weak decline, further reinforcing the foundation for the bearish trend on the daily timeframe. The MACD indicator’s DIF and DEA remain below the zero line; although the green bars have shrunk, they have not formed an effective golden cross. Rebound momentum is insufficient. The RSI is around 43, sitting in a relatively weak range, indicating that bullish strength continues to fade. Based on the current market rhythm, bearish power is still continuously dominating. Any short-term rebound seen in the meantime is not a trend-reversal signal, but a typical “pump-and-dump” type of move aimed at distributing to position holders. The key objective is to build up energy for further downside. Today’s early trading is still centered on taking short positions based on rebounds.

**Specific trading suggestions:** Watch how price reacts to the resistance in the 63,500–64,000 range, as well as the three levels at 64,800, 65,300, and 66,000. If resistance is properly tested and not broken, you may consider shorting from the high side. Look for potential downside of 5,000–6,000 points. If price holds above 66,000, it would be considered a reversal—signaling a possible change in direction.