Bitcoin surged up to 60758, then continued to weaken. After holding below the Bollinger middle band at 59517, the bearish structure is clear and capital continues to flow out. Only when the 4-hour chart holds above the middle band is it considered a bullish trend. At present, the price has been running below the middle band at 59517 for a long time. In the medium term, the trend looks likely to face pressure and pull back. Coupled with tonight’s US ADP employment data and the joint appearance by the four major central bank governors at 21:00, if the data comes in stronger, it will continue to suppress the rebound space and strengthen the downward move. Only if the data weakens significantly will a recovery be triggered. In the short term, it has been compressed into the large range of 58294–59517. Until there is an effective breakout above the range, maintain the thinking of range-bound trading with a weak bias.