The 70000 threshold has been reached, and a drop is inevitable, remember not to catch the bottom

The 4-hour level trend of the big pancake shows a one-sided cliff-like decline, with a daily drop of over 5%, reaching a low of below 72000, once again refreshing the new low for the phase, and the short positions continue to release momentum, spreading panic in the market.

From a technical indicator perspective, the Bollinger Bands are all opening downward, with prices running closely along the lower band, and the middle band has become a strong resistance level, unable to touch it during rebounds; the MACD indicator shows a double line death cross downward, with green bars continuously increasing, indicating that short momentum has not diminished; the KDJ indicator's three lines are all below 20, in the oversold range, and the J value has no obvious rebound signal after hitting the bottom, indicating that although there is overselling in the short term, the short trend has not changed, and the rebound is merely a technical correction.

The key support level of 740000 has been broken, accompanied by a volume increase in the decline, which is an effective break, and there is no obvious strong support below, opening up further downward space.

The short-term moving averages at the 4-hour level are all diverging downward, with prices continuously under pressure below the moving averages, and every rebound meets resistance from the moving averages, making the signal to short during rebounds clear.

Panic sentiment in the market is spreading, with consecutive short-term declines piercing through the psychological defense line of the market. The previous buying positions at 78000 and 76000 have all been trapped, and the bullish positions are continuously being sold off, forming a negative cycle of decline - being trapped - stop-loss - further decline. The overall correlation in the cryptocurrency space is weakening, with mainstream coins like Ethereum falling in sync, and Bitcoin, as the leader, leading the decline, driving the overall market weaker.

In the short term, although Bitcoin has a technical rebound after being oversold, the height of the rebound is limited. It is highly likely to encounter resistance in the 73000-74000 range before continuing to decline, with the 70000 level becoming a key psychological defense line. Once it breaks, it will accelerate the drop to 68000 or even lower positions. In the medium term, if it cannot recover the key pressure level of 76000, the short trend will continue, with the 65000-68000 range being the core medium-term decline target.

Currently, the short trend of Bitcoin has formed, with a resonance of three signals: break, indicators, and funds. The core idea is to persist in shorting during rebounds and follow the trend. Strictly control positions and stop-losses, do not bottom fish or hold positions, and closely follow the short rhythm to seize profit opportunities in the downward market.

Short at the 73500-74000 range, targeting around 70000.
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