Bitcoin is currently quoted at 70,900, and many friends are struggling with whether to catch the bottom near 70,880 after such a long consolidation, or continue shorting. Let me clarify the core logic.

Since the rally from the lows, Bitcoin has failed to escape the major downtrend from the previous decline. The current narrow-range fluctuation is merely a brief consolidation after the sharp drop, not a signal of trend reversal.

The MA60 moving average above continues to press down, and multiple upside breakout attempts by bulls appear weak, with rebound momentum gradually fading. This narrow consolidation often precedes a trend change—the next candlestick could directly determine the direction. Blindly catching dips or aggressively chasing highs easily leads to being repeatedly shaken out and liquidated by the whales. One must stay clear-headed.

Trading suggestion: Establish short positions in the 71,200-71,800 range, targeting 69,600-69,000 to the downside. If 68,000 breaks below, further targets are around 66,500.