A 4-hour long-cycle analysis shows that the market’s long and short forces have completed a shift, with bear momentum taking the lead. In the moving average system, short-term moving averages such as MA5, MA10, MA30, and others are aligned downward in sync, forming a bearish configuration. Price rebounds are met with resistance, and bulls are unable to break through the pressure band.

The market’s rebound appears to be a bull trap, with no sustained buy pressure. The recent highs are trending lower, and a downward channel has opened. Volume and price action confirm this: rebound momentum fades, bears increase volume during the decline, and the gap between longs and shorts widens.

Based on the overall signals, the bearish structure is clear. It is recommended to take advantage of the pullback in line with the trend.

BTC: Bearish rebound near 65,000-65,600; downside to 64,400-63,300.

ETH: Bearish rebound near 1,920-1,950; downside to 1,890-1,810.