The intraday cryptocurrency market experienced a dramatic shift from extreme panic to emotional recovery. Bitcoin's price once plunged over 13% in the early hours, approaching the psychological level of 60,000 for the first time since October 2024. Subsequently, the market saw a dramatic reversal after being oversold, with Bitcoin surging 13% on Friday, reaching a high of 71,751 and recovering most of the previous day's losses. The Ethereum market also rebounded strongly, successfully breaking through 2,100, with an intraday increase of up to 6.19%. This V-shaped reversal was mainly driven by large-scale chain liquidations of short contracts, a typical short squeeze scenario.

From a technical perspective, despite the strong rebound, the market's technical structure has not fully reversed. Bitcoin's powerful rebound was tested and blocked at the strong resistance zone of 71,500-72,000, which has become a key dividing line to determine whether the trend can reverse. Meanwhile, Bitcoin's weekly decline still exceeds 15%. Although Ethereum broke through 2,100, it faces resistance in the previous dense trading zones of 2,200-2,300 above that level. The current rebound can be seen as a correction to the previous extreme decline. Therefore, until the price can effectively stabilize above these key resistance zones, the overall market structure remains bearish. The strategy should be to continue shorting on rallies. Close attention should be paid to the support at the 60,000 level for Bitcoin and the 2,000 mark for Ethereum. If prices break below these critical supports, the downside space may open again. #加密市场回调 $BTC