Last night’s CPI data came in below expectations, driving a brief spike higher. This was purely a news-driven impulse move. After the long side’s momentum was exhausted, follow-through is weak.

On the 1-hour chart, the rally spikes up to meet heavy resistance at the previous high. The upper Bollinger Band is strongly suppressing price, so this is not a trend reversal.

With rate-cut speculation cooling, US stocks weakening, and geopolitical pressure compounding the downside, there is a lack of incremental capital. MACD long momentum has shrunk, and the bearish structure remains intact.

Overall approach: position shorts in the rebound resistance range, and wait for the pullback to gain traction.

For “big pancake,” place shorts on the rebound around 65,000-65,500 resistance; the initial targets are 63,500-62,500.

For Ether, place shorts on the rebound around 1,880-1,920 resistance; the initial targets are 1,810-1,760.