In the afternoon session, Bitcoin maintained brief minor fluctuations near $70,400, but bullish momentum was weak and failed to organize an effective counterattack. Subsequently, bearish momentum gained strength again, with price coming under pressure and breaking below the $70,000 level—a key psychological and technical support. Currently, the price has further declined to near $69,700, bearish sentiment dominates absolutely, and the market downtrend is evident.

From a technical perspective, the effective break below the $70,000 level is a key signal of market weakness, which typically triggers cascading stop-loss orders and accelerates price seeking support in the $68,000-$67,500 support zone. Meanwhile, multiple short-term moving averages including MA7 and MA25 have all moved above the current price, forming a notable "head pressure" pattern, meaning any rebound will face considerable resistance. Additionally, funding rates remain persistently negative, indicating the overall market leans toward shorting with strong bearish intent, while momentum indicators such as MACD continue to weaken below the zero axis, suggesting downward momentum remains sufficient with no signs of trend reversal yet. #Gate13周年全球庆典