The Iran-U.S. ceasefire agreement is purely empty talk. Where is Bitcoin's current bottom?

Last Friday, news of safe navigation through the strait and Iran-U.S. negotiations ending the war caused Bitcoin to rebound to 7800. On Saturday, further fighting was announced, and Iran refused to negotiate again. Crude oil slightly rebounded, while Bitcoin continued to decline. Honestly, aside from macro influences, on-chain data shows that the 7600 level for Bitcoin is heavily shorted. Pumping to clear out the top and absorb liquidity is routine. Similarly, we have to mention the ugly coin RAVE, which took ten days to rise from below 1 to 28, only to fall back to the starting point in just one day. This kind of pump-and-dump act is just not going to continue!

BTC
The rebound hit the weekly resistance at 7800 and started to retrace. On the daily chart, a clear downtrend is evident after breaking below. The rebound resistance is around 7490. As long as the four-hour chart cannot stabilize above this level, it indicates the rebound lacks strength to continue the daily decline. Support levels are at 7320. If this level is broken, the market will likely test the 7000 zone. Stay cautious with small positions and minimal losses here.

In the 7480-7530 range, with a defense at 7620, target 7320. If broken, look toward 7200-7040.

ETH
Range-bound around 2296-2323, with a defense at 2367. Target 2230. If broken, look toward 2170-2110.