You can see that in the midnight phase, Bitcoin as a whole completed a round of cyclical rebound. After the midnight market retraced back near the 69,000 level, it did not explore further downward, with the lowest touch near 69,065. Subsequently, short-term buying pressure began to intervene, and the market gradually rose to above 70,600. From the overall trend, this round of rebound in the early morning was more of a repair action after exploring lows, especially after forming support near 69,000, market sentiment briefly improved, but the continuation strength at higher levels was not strong. After entering the morning session, multiple probe upward attempts failed to achieve further breakthroughs. The market retreated back near the 70,000 level for consolidation, indicating that there is still obvious resistance above. Currently, the overall market remains in a shock phase after the rebound.

From a technical perspective, the 1-hour level currently remains in a weak repair pattern. After consecutive rebounds, the K-line failed to form an effective breakthrough. Instead, it showed stagnation near the previous high area, indicating that selling pressure still exists above. Although short-period moving averages show signs of reversal, they have not formed a complete bullish divergence. Looking at the 4-hour level, the overall market is still running within a range repair structure amid a downtrend rhythm. This round of rebound has not changed the pattern of previous highs declining, but rather resembles a technical pullback in a bearish trend. At the daily level, it remains under pressure, and the current rebound strength is insufficient to reverse the overall weak pattern. Therefore, the subsequent approach still leans toward shorting at highs. #Gate13周年全球庆典 $BTC