Intraday morning action was slow; early short positions around 70200 have been closed for a 600-point gain. Daytime movement continues consolidating in the 70000-71000 range. Taking small profits on short-term moves in this market is not worth the effort. After a modest rebound in the near term, if price recovers to the range where we shorted during the day, we can still decisively enter.

From the daily perspective, although Bitcoin closed a large bullish candle yesterday, it remains below the moving average system, with moving average tops turning downward forming resistance. The adjustment pattern at the daily level has not changed due to one bullish candle. The previous decline has damaged the bullish structure; current rebounds are more technical recovery after oversold conditions rather than trend reversals. The 71500-72000 zone above gathers multiple moving average resistance levels. Without volume breakout, rebounds could end anytime leading to new downside exploration. If the 70000 support below is breached again, the market will undergo further deep adjustment testing recent lows. Combining the 4-hour chart, although this Bitcoin rebound has decent momentum, from overall trend structure perspective, it can only be defined as technical recovery within a downtrend. The high point cannot break above the earlier oscillation consolidation zone, while highs are gradually declining. Upside recoveries lack power, making downside retest an inevitable trend.

Bitcoin can short at 70500-71000, targeting 69000 nearby. Ethereum can short at 2150-2180, targeting 2100-2070. #加密市场回涨 $BTC $ETH