Although Sunday’s market fluctuated nearly 2000 points, the early rally reached a high near 70,950 before losing momentum. The price quickly faced resistance and fell back to the 68,800 area. From an hourly chart perspective, the rapid upward move in the morning formed a long upper shadow, which is typically seen as a classic sign of main force profit-taking and escape; currently, the price has temporarily stabilized around 68,800, but this is only short-term buying support and does not indicate a trend reversal. Overall, the structure still belongs to a downward correction with a consolidation pattern.

Looking at key levels, the resistance above is very clear, in the 70,000-70,500 range. This is where two failed attempts to break higher occurred today, accumulating a large number of trapped positions. On the downside, the first support level to watch is around 68,500. If this level is broken, it is highly likely that the price will accelerate downward to test the 68,000 level or even lower support levels. Considering the poor liquidity over the weekend, the willingness of funds to enter the market during the early hours is even lower, and the protective buying force weakens, making it very easy for the price to break support again.

Another important reason for the current bearish outlook is the shift in market sentiment. Recent news indicates that the Federal Reserve’s rate cut expectations are uncertain, and concerns about tightening macro liquidity remain. Additionally, during the weekend, miners often sell Bitcoin to cover operational costs, which exerts continuous selling pressure on the market. Without new funds entering, this structural selling pressure is difficult for the market to absorb and will only lead to a gradual downward shift in the price center. #Gate广场发帖领五万美金红包 $BTC