Bitcoin Evening Analysis

From the 1-hour chart perspective, Bitcoin's price has broken below the MA7 short-term moving average and continues to trade below the middle band of the Bollinger Bands. The moving average and Bollinger Bands indicators form a bearish resonance signal, indicating that short-term bullish momentum has been completely exhausted, and selling pressure is beginning to dominate the market.

Since the decline from the highs, the rebound process has consistently lacked volume support. Each retracement rally has struggled to break through the moving average resistance, representing a typical weak rebound pattern with a high probability of continued decline.

Currently, the Bollinger Bands channel is showing a pinch formation, with the lower band support moving down to around 73342.6. If the price breaks below this level on increased volume, it will quickly open up downside space. The first target below is the previous low of 72891.3. A break below this will completely open up further downside exploration.

Trading Recommendation: Short 74500-75000, Target 72500-73000.$BTC $GT