The morning Bitcoin price is fluctuating around the 70,000 level, which does not change the weak pattern after the breakdown earlier. Although the price quickly rebounded from around 69,300, this technical movement is more indicative of a rebound confirmation after a breakdown rather than a trend reversal. As long as the price fails to regain and stay above the resistance zone of 70,500-71,000, a break below 70,000 remains a valid signal of a breakdown. The current rebound is merely providing a more ideal entry point for bears.

From the perspective of rebound quality, the volatility of this upward movement is narrowing, and trading volume has not significantly increased, indicating a lack of active buying interest. The rebound is more likely a passive correction driven by short-term short-term profit-taking. Repeated oscillations below key resistance levels without breaking through upward often signal a topping pattern. Persistent resistance without a breakthrough will only exhaust bullish patience, leading to a higher probability of a downward move seeking support.

In terms of trading strategy, maintain a mindset of shorting on rebounds. Focus on the support zone of 68,800-69,000. If the price falls below again, the bearish trend will further strengthen. Until the price effectively recovers and stays above 70,500, any intraday rebound should be viewed as part of a bearish consolidation, and blindly chasing longs is not advisable. #Gate蓝龙虾重磅上线 $BTC