In the past couple of days, the wash-trading pattern of Bitcoin (Big Cake) moving up and down has essentially put everyone in the market through the wringer, fully confirming the old saying that washouts are frequent during bear markets. Institutions are constantly shaking out retail investors' positions through wide-ranging fluctuations. Those who cannot hold their positions are easily forced to repeatedly stop-loss and cut losses in the back-and-forth volatility.

On the spot level, there's no need to panic excessively. The area around 60,000 is a highly cost-effective range for accumulation. Don't stubbornly wait for the perfect bottom price; the market rarely offers extreme lows. Buying the dip in batches is the prudent spot strategy.

Looking at the technical chart, the daily line has shown a six-day consecutive bullish rebound, but the upper Bollinger Band is consistently closing downward, tightening the overhead resistance. The accompanying indicators KDJ and RSI have all entered the high overbought zone, with both lines turning downward simultaneously. The MACD bullish volume has not continued to increase, and short-term bullish momentum has clearly weakened. The intraday trading approach currently remains short on rallies. Chasing the rally is permissible, but not blindly. When the rebound encounters resistance, it's an opportunity to short.

Trading suggestion: For aggressive traders, go short directly at the current price. For conservative traders, short around 64000-64600, with targets around 62600-62000, and if it breaks below 61200 and 60,000, stop loss at 65200.
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