As previously mentioned, when the price breaks below the downward channel, it is advisable to decisively enter short positions. Currently, there is no effective support below. The 15-minute chart shows support at 65,500, while the four-hour chart clearly indicates support around 62,500. At present, Bitcoin is in a short-term downward pressure, testing lows, and consolidating at the bottom. If it fails to hold, a further decline to the 61,150 area is likely. The first major resistance above is around 68,500; only a volume breakout can alleviate the short-term downtrend.

The main reason is that the market initially expected the Federal Reserve to cut interest rates in May or June, but recent strong U.S. economic data has led to a delay in rate cut expectations. The tightening of liquidity has suppressed risk assets, including Bitcoin. Considering that Bitcoin previously surged from about 42,000 to near 74,000, the increase was substantial. Institutions and early investors have taken partial profits in the 68,000 to 70,000 range, resulting in significant selling pressure above.

Suggestion: In the short term, the midpoint around 63,500 can be used to go long with a target of 66,500#加密市场小幅下跌