The overall cryptocurrency market remains weak and volatile this week, with Bitcoin and Ethereum showing a "rise first, then decline" pattern. In the early part of the week, Bitcoin oscillated around $67,000, then experienced a rally that pushed it to a weekly high of $70,000. However, macroeconomic risk sentiment and capital outflows caused a rapid decline, with prices dropping to around $62,400 at one point during trading. A technical rebound followed, bringing prices back into the $66,000-$68,000 range for consolidation. During the same period, Ethereum showed relatively weaker performance, with prices around $1,950 on February 23, then falling back to approximately $1,800 and repeatedly oscillating below the $2,000 level.

From a derivatives perspective, market volatility has significantly increased this week, with intensified bullish and bearish battles. There have been large-scale liquidations and position adjustments, with some exchanges showing a slight bearish bias in their open interest structures, indicating a clear decline in short-term market risk appetite. On the capital side, outflows from institutional funds combined with macro uncertainties have pushed overall market sentiment into an "extreme panic" zone, with prices maintaining high volatility and a low-trend consolidation phase. As you can see from my weekly layout, every step has been aligned with the trend. Despite the oscillations between bulls and bears, it hasn't affected our ability to profit from the market. This demonstrates the importance of understanding market structure and patterns—markets speak, but we need the skill to interpret what they are saying.

From a technical perspective, Bitcoin's weekly chart remains within the mid-term downtrend channel following the 2025 high, with current rebounds mainly representing technical corrections within a downtrend. On a shorter timeframe, the $68,000-$70,000 zone is a clear area of previous high-volume trading and trend resistance, while the $60,000 level is a key structural support. A break below this could lead to further declines toward the $57,000 level. The daily MACD remains below the zero line, indicating insufficient bullish momentum. Coupled with perpetual contract positions leaning bearish, the overall trend aligns more with a short-term rebound followed by further downside. Ethereum's structure is even weaker, with the $2,050-$2,100 zone acting as a strong resistance area, and key support below at $1,750-$1,800. Losing this support would extend the bearish trend. Considering the overall structure, capital sentiment, and derivatives positioning, the market remains predominantly bearish in the short term.

For trading strategies, it is recommended to mainly follow the trend by shorting on rebounds and until key resistance levels are effectively broken, at which point a trend reversal can be considered. #美国以色列突袭伊朗BTC短线跳水 $BTC