After the market surged to 65,589, a clear bearish divergence appeared. The subsequent push higher exhausted all remaining long momentum. The upper band of the Bollinger Bands began to flatten, and the upward momentum completely disappeared.

All short-term indicators turned weaker in sync. MACD formed a top divergence and a bearish crossover, while bearish force continued to be released. Each time there was a modest rebound, it lacked follow-through—only a short-term bear-market-fakeout to lure longs.

Combined with a macro environment that is relatively tight, the price action has entered a pullback-and-repair phase. In terms of trading, it is more prudent to wait for rebounds that approach the mid-band pressure level, then set up short positions.

For BTC: short around 65,000–65,500, first targeting 64,000–63,000.

For ETH: short around 1,930–1,960, first targeting 1,880–1,850.