The morning Bitcoin experienced a rapid sell-off around the 71,500 level, with the price pressured downward to a low of 69,800 in the afternoon. The 70,000 psychological level faces another test. Structurally, the early attempt to break above 71,000 failed to hold, instead forming a false breakout followed by increased selling volume, indicating that bullish momentum is clearly weakening, and market sentiment has shifted from bullish to bearish.

From a four-hour perspective, the price has consecutively broken below the MA5 and MA10 short-term moving averages, with the moving average system beginning to turn downward and showing signs of a death cross divergence. The MACD fast and slow lines have formed a death cross above the zero line, with the bullish momentum histogram turning green to red, indicating that upward momentum has been temporarily exhausted and bears are gaining control. The RSI has quickly fallen below 40 into a weak zone, leaving room for further decline. The 70,000 level, as a key psychological point, if unable to stabilize effectively, could open the downside further to the 69,500-69,000 range.

Short positions established in the afternoon can continue to be held. A short-term rebound to the 70,200-70,400 zone remains a good opportunity to add to short positions, with a stop-loss set above 70,800. The first support is at 69,500; if broken, next target is around 69,000. The sell-off structure after the false breakout in the morning has established a short-term weak pattern, and high-level rebounds followed by short positions remain the main strategy. #Gate正式接入Polymarket $BTC