Bitcoin overall shows a pattern of sharp rises followed by declines, facing downward pressure since this morning when it started oscillating and trending lower from around 77,171. During the rebound, it was repeatedly blocked by short-term moving averages, reaching a high near 77,500 before facing resistance and weakening. The overall rhythm indicates "weak rebounds and dominance of bears." Ethereum's movement is highly correlated with Bitcoin, moving downward in tandem, with obvious short-term follow-through characteristics, and the weak market sentiment is resonating across the board.

On the daily chart, there are signs of a breakdown in the upward channel, as the market failed to sustain strength after rising to high levels, instead experiencing increased volume and a pullback. The candlestick pattern shows long upper shadows indicating resistance, with short-term weakness clearly evident. Bearish momentum is gradually releasing, causing the moving average system to form a death cross downward, signaling that the short-term trend has reversed to a bearish dominance, and this downward trend is likely to be persistent and structurally stable. The four-hour chart continues with a unilateral downtrend, with prices consistently breaking below the lower channel boundary and continuing to decline, showing technical features of "rebound under pressure and increased volume on declines," further supporting the daily bearish trend. Currently, the market rhythm indicates that bearish forces are still accumulating, and short-term rebounds are not trend reversals but typical trap-and-shake moves designed to lure in longs and accumulate short-sell momentum for further declines. This morning’s operations mainly focus on shorting during rebounds.

Specific trading suggestions: Pay attention to resistance around 77,300-78,000 and at 79,300 and 80,800. If these levels hold without breaking, consider shorting from higher positions, targeting a downward move of 500-6,000 points.