Early morning price action continues its weakness as expected, with prices pulling back from around 71,200 under pressure, touching a low near 70,400, with clear downward momentum. Currently, the price is hovering around 70,400, with weak rebounds and insufficient buying support, with bears remaining in control.

The 70,000 level serves as a recent key support/resistance dividing line between bulls and bears, and has been tested multiple times. From the hourly chart structure, the downtrend pattern remains intact, with successive lower rebound highs, bearish moving average divergence, MACD showing a death cross with bearish momentum bars showing no signs of shortening, indicating that bear strength continues to accumulate. Once 70,000 is decisively broken, downside space will open up.

Currently, the decline is only in the early stages of a pullback, and the volume-price structure shows that no reversal signal has yet appeared. Following a break below 70,000, the next target is seen around 69,000. In terms of trading strategy, maintain the approach of selling bounces at higher levels, and avoid rushing to bottom-fish before a clear reversal pattern forms. #Gate13周年全球庆典 $BTC