Morning Analysis from February 10: Rebound Does Not Indicate Reversal, Focus on Selling Rallies

Although Bitcoin has recently experienced an oversold rebound, technically it remains within a downward channel and is undergoing a technical correction, not a trend reversal. Currently, the bullish momentum is mainly driven by partial short covering. The rebound lacks volume, with insufficient new funds entering the market. Institutional capital has not shown systematic inflows, and overall buying strength remains weak.

From a technical perspective: the price continues to stay below the key moving average resistance zone, with short-term moving averages in a bearish alignment, exerting continuous downward pressure; the daily chart shows a complete downward channel, with highs gradually shifting lower and lows gradually breaking support, indicating the downward structure remains intact; indicators like MACD show slight recovery but remain in bearish territory, with no strong reversal signals; the options market shows a predominance of bearish sentiment, further limiting the rebound potential.

Overall, the strength and sustainability of this rebound are limited. The current pattern remains dominated by selling rallies. It is recommended to deploy positions gradually around strong resistance zones.

Trading Suggestions:
- Gradually establish short positions in the 70,800-71,500 range during the rebound
- Target the 68,500-67,500 range for profit-taking