Last night's market experienced a needle-like breakdown, briefly piercing below the 68,600 level before quickly recovering. Currently, the price has recovered to around 68,800. Although this wave of loss-cutting exceeded expectations, no effective breakdown has been formed structurally, and there is still a clear willingness to support below 69,000.

From an hourly perspective, after the price dipped below 68,600 with a needle-like move, it quickly rebounded, forming a long lower shadow on the candlestick, indicating that although the bears exerted some pressure, they failed to hold the lows. This is a typical false breakout pattern. While the short-term moving averages are temporarily under pressure, the downward slope is slowing, and the MACD bearish momentum histogram is beginning to converge below the zero line, with the fast and slow lines flattening, suggesting that the selling momentum is weakening. The RSI is near the oversold level of 30, indicating a strong technical correction demand. 68,800, as the current consolidation center, could potentially test the 69,500-69,800 range again if it consolidates above.

In terms of trading strategy, although yesterday’s long positions were wiped out, the structure remains intact. The 68,800-68,600 zone can still be lightly tested for long entries, with a stop-loss set below 68,300. The first target is 69,500; if it stabilizes there, then look toward the 69,800-70,000 resistance zone. Needle-like movements often come with shakeout intentions, so avoid chasing shorts at lows and hold long positions for a rebound correction. #Gate正式接入Polymarket $BTC