Afternoon markets declined as expected, with the crypto market rallying and then pulling back, resulting in wide-range fluctuations. During the Asian trading session, Bitcoin's price attempted to push higher, briefly reaching the 68,000 level, but was subsequently held back by strong selling pressure around 68,500, preventing it from stabilizing. Currently, the price has retreated to around 66,000 and is consolidating. From the derivatives data, although short squeeze earlier led to nearly $400 million in positions being liquidated, the funding rates for contracts did not spike significantly with the price increase; instead, they remained low, indicating cautious chasing of gains. The market is mainly driven by short covering rather than new long positions entering. Ethereum's trend is relatively weaker; although it briefly touched 2050 in the afternoon, it failed to hold, and now it is under pressure, falling back to around 1960 for consolidation. In the afternoon, we shifted our outlook to short based on changes in market structure, demonstrating my quick adaptability, leading the team to frequent victories—truly exhilarating.

The current market structure shows clear signs of resistance, and subsequent operations should focus on shorting rebounds. After forming an ascending wedge on the 4-hour chart, Bitcoin broke below the lower trendline. The MACD momentum histogram shrank, and a bearish divergence appeared, indicating that upward momentum is weakening. The area between 68,500 and 70,000 is not only a zone of high previous volume but also where the 200-week moving average exerts resistance, forming a strong barrier. If the price effectively breaks below 66,500 support, it is highly likely to seek support around 64,500. Ethereum's trend is even weaker; on the daily chart, it is suppressed by multiple short-term moving averages, with insufficient rebound volume, and the 2100 to 2150 zone has become a temporary top. Considering the rise in funding rates but stagnant prices, this often signals overleveraged longs, increasing the risk of a correction. Therefore, the strategy remains to take high short positions. #当前行情抄底还是观望？ $BTC