Early this morning, Bitcoin continued last week's weak trend, showing a unilateral downward movement. The bulls failed to mount an effective resistance around $67,000, while the bears kept pressing, causing the price to decline steadily. In the early hours, Bitcoin briefly touched the $65,500 level, falling more than 2,000 points from its high, indicating that the current market still faces heavy selling pressure. Although the price rebounded slightly afterward and temporarily stabilized around $63,000 for a correction, the overall recovery remains weak, typical of a technical rebound after a sharp decline.

From a technical perspective, this decline directly broke through the key psychological support level of $66,000, turning it from a strong support into a short-term resistance barrier. The current rebound to $63,000 on the hourly chart has not been accompanied by significant volume increase, and the price remains constrained by the MA20 (currently around $66,500). If the rebound cannot regain and hold above $66,500, the bearish outlook for the day will likely persist. Looking below, if the bears regain strength and effectively break below the early morning low of $65,500, it could trigger further panic selling, opening the downside space toward the weekly support zone at $64,500.

Given that the market is in a weak rebound phase after a downtrend, trading should focus on shorting during rebounds and avoid blindly bottom-fishing. Short entry zone: It is recommended to enter short positions in batches around the $66,400 - $66,800 area during the rebound.
· Stop-loss: Place stop-loss above $67,200 to prevent risks from an unexpected trend reversal.
· Take-profit targets: The initial target can be the previous low at $65,500; if broken, consider holding for further decline toward $64,800.