Last night, the market first surged upward and then quickly fell back. The bulls surged but lacked follow-through momentum; the bears took control. The price broke below a key support level, and after the breakdown, it moved lower.

After probing down to a low area, buying entered and managed to slightly stop the decline and stabilize, but it did not form effective bottom support or a reversal signal. Overall, bearish sentiment is strong, and a weak-downward pattern is clear. This round of the rally is a bull trap led by the main force, and the price action pattern is typical.

The current slight rebound is a technical repair rebound after consecutive declines. It is a continuation/relay adjustment, not a signal that the trend is turning bullish. On the upside, multiple resistances lock down the upside space. The bulls do not have sufficient volume or fundamental positives, so the rebound room is limited.

Based on the cycle timeframe, the larger-scale main direction of this round of market remains firmly bearish. It is recommended to follow the trend.

BTC rebound near 60400–61000; look down to 59800–58800.

ETH rebound near 1580–1620; look down to 1550–1480.