Observing the four-hour market chart, a small upward move closes as a doji and a spindle (top) candlestick, with a long upper shadow. After the price tests, it faces downward pressure and falls back; resistance above is strong, the “bear” side’s sell pressure is dominant, and the “bull” side’s efforts to push higher are blocked.

On the indicators, the DIF line crosses below the DEA line to form a bearish dead cross, showing a stage-by-stage “bear” signal. The MACD green histogram bars, still in negative values, are converging; “bear” energy is being consumed, and downward momentum is weakening.

Overall, after ongoing adjustment, the market’s sell pressure release is nearing its end, and there is demand for a technical rebound. However, this is only a post-decline repair, not a trend reversal. For the rebound, pay attention to whether it can break through the resistance above.

BTC retraces around 65,700–65,200 (bear), and looks up toward 66,500–68,300.

ETH retraces around 1,920–1,890 (bear), and looks up toward 1,950–2,030.