In the past couple of days, Bitcoin's volatile back-and-forth wash trading has repeatedly tossed around almost everyone in the market, fully confirming the old saying that wash trading is frequent during bear markets. Institutions are using wide-range fluctuations to continuously wash out retail investors' positions. Those who cannot hold their positions easily stop-loss and cut losses repeatedly amid the ups and downs.

On the spot level, there's no need to panic excessively. The area around 60000 is a highly cost-effective zone for positioning. Don't insist on waiting for the perfect lowest price; the market rarely offers extreme lows. Gradually buying on dips is the sound approach for spot trading.

Looking at the technical chart, the daily line has shown six consecutive bullish candles in a rebound, but the upper Bollinger Band is continuously narrowing downward, and the resistance above is tightening. Auxiliary indicators KDJ and RSI have all entered the overbought zone in high positions, with both lines turning downward simultaneously. The MACD bullish volume hasn't sustained its expansion either. Short-term bullish momentum is clearly exhausted. For intraday operations, the current strategy is to maintain shorting at highs. Chasing the rally is possible, but not blindly. When the rebound meets resistance, it's an opportunity to short.

Trading suggestion: Aggressive traders can short directly at the current price. Conservative traders can short around 64000-64600, targeting around 62600-62000. If it breaks below 61200 and 6w, stop-loss at 65200.

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