Bitcoin Night Session Bearish Analysis

After Bitcoin surged to test the 60900 level but faced resistance and stalled, buying liquidity rapidly dried up. The night session saw a continuous bearish decline, with prices dropping on volume, hitting a low of 58120. Currently, the price is hovering weakly around 58500. All short-term moving averages have turned downward, forming bearish pressure. Multiple long stop-loss orders above were triggered, market bearish sentiment continues to ferment, and short-term selling pressure has not yet been fully released.

On the information front, after the US market opened, spot buying support was severely insufficient. Institutions did not step in to provide support; instead, large sell orders continued to hammer the market. Market-making funds took advantage of the situation to wash out positions downward, precisely liquidating long positions in the 60000 and 59200 ranges. A large number of short-term bottom-fishing funds cut losses and exited at low levels. The market saw sufficient turnover, and the downward momentum was further released.

In terms of operations, firmly avoid contrarian bottom-fishing long positions. The short-term key resistance range is locked at 58500-59000. When the price rebounds to this range without a volume-backed reversal and falls under pressure, you can follow the trend and take short positions. As long as the resistance zone above cannot be effectively held, the bearish trend will continue, and there is still room to test 57700 and even deeper liquidity ranges below. Long positions should be watched primarily, with shorting as the main theme.

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