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Bitcoin surged yesterday and then sharply plunged in the short term, with selling pressure concentrated.
The technical picture has fully weakened, with the price breaking below the middle band of the Bollinger Bands and moving below the lower band, continuously closing with down candles and increasing volume, with almost no resistance from the bears.
On the macro front, high interest rates from the Federal Reserve and a strong dollar suppress risk assets, combined with panic selling, leveraged bear traps, and multiple negative factors resonating.
Overall, the bear momentum is exhausted, the trend has broken, and the market is likely to weaken further with limited rebound strength. It is recommended to follow the trend and look for short opportunities, with caution on bottom fishing.
BTC rebounds around 77,500-78,200, with a target of 76,800-75,800 below.
ETH rebounds around 2,450-2,490, with a target of 2,400-2,300 below.