Bitcoin Evening Market Analysis

After surging to the 63300 level, Bitcoin came under pressure and declined, breaking through two key supports at 62200 and 61800 successively. The price dipped to a low of 60269 before staging a weak rebound. However, the bounce was severely lacking in momentum, only reaching 61200 before failing to reclaim the previously broken critical range.

Currently, the market is oscillating within the 59000 to 60800 range. The trend signals are clear: trading volume continues to decline during upward moves, while volume expansion is prominent during declines. This is a standard consolidation pattern mid-downtrend, with the former support at 60800 now turning into a key short-term resistance level.

From a cyclical technical indicator perspective, the short-term moving averages on the daily and 4-hour charts are all bearishly aligned, with the coin price consistently pressured below them. Every time the price touches the moving averages during a rebound, it faces renewed selling pressure. The Bollinger Bands are opening downward, with the middle band exerting long-term resistance. The MACD indicator remains stable below the zero line, with the bearish green bars showing no signs of contraction, and no bottom-fishing golden cross reversal signal has appeared. The KDJ indicator quickly forms a death cross each time it rebounds to the mid-range, dragging the price back down.

The overall trend is moving downward in steps, with both highs and lows progressively lowering. There is no incremental capital entering during rebounds, and buying power from the long side is insufficient. The broader downtrend remains unchanged, and any short-term bounces to higher levels present opportunities to open short positions.

Trading Reference

Bitcoin: Enter short positions in the 60200-60500 range, targeting 59000 below.
Ethereum: Enter short positions at 1570-1580, targeting 1500.

Kind Reminder: Market fluctuations are rapid. Manage position risk and strictly set stop-losses. #BTC