Last night, Bitcoin was pressured by both the US stock market's weak opening and negative news, with prices declining from the 70,800 level and directly breaking through the 70,000 psychological support level, hitting lows near 69,500. Currently, Bitcoin has recovered to around the 69,700 level, but the rebound momentum is weak, market sentiment has clearly turned bearish, and the bulls' defensive line has been breached.

From the hourly timeframe perspective, after prices broke through the 70,000 level with increased volume, this level has shifted from support to resistance. The moving average system shows a bearish divergence arrangement, with the MACD fast and slow lines forming a death cross below the zero line and bearish momentum bars continuing to expand, indicating that the downtrend structure remains incomplete. The brief stop-drop near 69,500 only represents a technical correction lacking sustained buying support.

With the 70,000 level breached, downside space has opened up, and a short-term bearish trend is established. In terms of trading strategy, continue with the approach of shorting into rallies, monitoring the selling pressure in the 70,000-70,300 zone above, and watching support at the 69,000 level below. Before a clear stop-drop signal appears, bottom-picking is not advisable—strict adherence to trading discipline is the top priority right now.#Gate正式接入Polymarket $BTC