You can see that during the midnight phase, Bitcoin as a whole experienced a round of cyclical rebound. After the midnight market pulled back near the 69,000 level without further downside exploration, the lowest touched around 69,065, followed by short-term buying interest stepping in, with prices gradually rising to above 70,600. The entire movement shows that this early morning rebound was more of a recovery move after the pullback, especially after finding support near 69,000, market sentiment briefly warmed up, but the strength of the higher level continuation was not strong. After entering the morning session, multiple attempts to break higher failed to continue, and the market returned to consolidation near the 70,000 level, indicating that selling pressure still exists above, with the overall market currently still in the shock phase following the rebound.

From a technical perspective, the 1-hour level is still in a weak recovery pattern, with K-lines continuously rebounding but failing to form an effective breakout, instead showing stagnation near previous resistance levels, indicating that overhead selling pressure remains. Although short-cycle moving averages show signs of turning, they have not yet formed a complete bullish divergence; on the 4-hour level, the overall market is still running within a range recovery structure in a downtrend rhythm, with this round of rebound failing to change the previous pattern of lower highs, instead resembling a technical pullback in a bearish trend; on the daily level, it remains under pressure, with the current rebound strength insufficient to reverse the overall weakening pattern, therefore subsequent strategy still leans toward shorting at highs. #Gate13周年全球庆典 $BTC