Morning Analysis

The short-term rebound failed to continue. Bitcoin touched 74,000 early yesterday morning and then moved sideways downward. Early this morning, it dropped to a low of 70,600. The bearish outlook held yesterday, resulting in clear gains. Currently, it is fluctuating around 71,000.

The four-hour chart shows obvious signs of stagnation. After being pressured at the 74,000 level, it experienced continuous decline, with weak rebound strength, unable to resist the bearish momentum. The current moving average system is in a bearish alignment. The MACD lines have a dead cross downward, and the KDJ lines are diverging downward simultaneously. The short-term bearish trend dominates, and there is still room for further decline.

Trading Suggestions
Shorts around 71,800-72,300 targeting 69,000-69,500
Shorts around 2,110-2,140 targeting 1,940-1,980