Morning Bitcoin continued its bearish pattern, displaying a typical step-by-step decline. The price has been falling steadily from around 71,000, hitting a low of 70,100 in the afternoon, with weak rebounds. Currently, the price has recovered to around 70,300, but the rebound amplitude is limited. Buying support remains weak, and the bears continue to dominate the short-term momentum.

From the hourly timeframe perspective, the downtrend structure is intact, with rebound highs declining sequentially. The moving average system maintains a bearish divergence arrangement. The MACD indicator's fast and slow lines are operating below the zero axis, and the bearish momentum histogram shows no significant contraction, indicating that downside pressure has not been fully released yet. The 70,000 level serves as a key psychological support in recent times and is now within striking distance. Once effectively breached, it will trigger a new round of technical selling pressure.

Currently, the market has yet to show clear stop-loss signals. Rebounds are only showing minor corrections with poor volume coordination. Operationally, we maintain the high-altitude rebound short strategy. After breaking through 70,000, downside space will open further, with short-term targets potentially reaching the 69,000 zone. Before confirming a bottom structure, it is unwise to blindly catch the falling knife.

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