【$BTC Signal】Short position + wait for key support confirmation

$BTC Continues to decline after breaking below EMA20, currently testing the key support area near the previous low (~68.4K). Price action shows persistent selling pressure, but the imbalance in order book depth (-17.12%) suggests accumulation of buy orders below, so observe how this area absorbs selling.
🎯 Direction: Short
Market analysis: 4H candles are consecutively bearish, buying strength is weak (Buy/Sell Ratio < 0.5), and the price has broken below EMA20 (69712) and moved away. RSI (42.57) is in a neutral-weak zone but not oversold.
Hardcore logic: The key contradiction is that the funding rate is negative (-0.0061%) and open interest (OI) is stable, ruling out large-scale dumping or short squeeze by major players. It appears more like a long leverage wipeout. However, there is no clear reversal signal at the key support zone (68.4K-68.0K), such as long lower shadows or volume-increasing bullish candles.
Institutional perspective: Order book shows sell orders at level 68567 significantly larger than buy orders, indicating short-term selling pressure. But the buy depth below 68.5K is still decent, watch whether large orders actively absorb here.
Trading plan: Current win rate is insufficient, so stay on the sidelines. To go long, one of two conditions must be met: 1. Price shows a clear PA reversal signal (like Pin Bar, Engulfing pattern) in the 68.0K-68.4K range with a rise in buy ratio. 2. Price strongly recovers above EMA20 (69700) and stabilizes. Until then, any rebound is a signal to reduce positions or wait.
Trade here 👇 $BTC
---
Follow me: Get more real-time analysis and insights on the crypto market!
‍#我在Gate广场过新年 #当前行情抄底还是观望？ $BTC $ETH $SOL