Bitcoin today generally showed a pattern of bottoming out and then oscillating at a high level. In the early morning, prices continued to decline from around 71,500, breaking below the 70,000 mark, then gradually and slowly falling with oscillations. In the afternoon, it bottomed out and rebounded, with the highest point reaching around 71,300. After the US market opened, the price came under pressure and retreated, losing the key support levels from the Asia-Europe session. We started to establish short positions in the morning and have already successfully taken profit of 1,300 points.

On the technical side, the hourly chart has continuously printed solid bearish candles, indicating that bearish momentum is gradually strengthening. The ADX at only 19 suggests a lack of trend, MACD momentum is weakening, RSI hovers around the neutral 50 level, and indicators are showing weakening convergence. The key support level of 70,000 has been broken, and the downward space may continue to open toward 69,000. Overall, the structure of progressively lower highs remains unchanged, and rebounds are opportunities for short entries.

Bitcoin can be shorted in the range of 70,300-70,700, with a target of 68,500. Ethereum can be shorted at 2,160-2,190, with a target of 2,100. $BTC ‌$ETH ‌