Bitcoin is showing a overall oscillating downward trend, starting to fall from the high point around 70,280 early this morning. During the fluctuation process, it gradually broke through short-term support levels, with the lowest dip reaching the 68,523 area. Ethereum's movement is highly correlated with Bitcoin, simultaneously starting a downward trend from the 2016 high point, dropping to the 1941 low point area. Throughout the process, it exhibits a weak follow-the-lead pattern, highlighting the market's correlation.

On the daily chart, the downward channel continues to expand in an orderly manner. After experiencing a short-term weak rebound and completing a sufficient resistance top formation, the market has successfully shifted to a steady oscillating downward rhythm. The bearish momentum is gradually released, driving the moving average system to form a synchronized resonant downtrend. This pattern indicates that the market trend has clearly reverted to a bearish dominance, and this downward trend is relatively persistent and structurally stable. The four-hour chart continues to show a weak decline pattern, with prices steadily moving along the lower band of the channel, demonstrating a unilateral weak downward technical characteristic, further solidifying the foundation for the daily trend. Currently, the market rhythm indicates that the bearish force is still accumulating, and the short-term rebounds are not trend reversal signals but typical pressure shakeouts, mainly aimed at accumulating energy for further declines. Today's early operations should focus on rebound-based short positions.

Specific trading suggestions: Pay attention to resistance at the 68,800-69,500 and 70,500-71,300 zones. If these levels hold without breaking, consider shorting at higher levels, with a target of a 500-6,000 point decline.