$BTC Based on the current market structure, after the daily chart completed three consecutive bearish candles, the price is currently consolidating around the mid-band zone, which is a typical adjustment rhythm following the downtrend. Today's K-line presents a cross star with a long upper wick, indicating significant resistance encountered during the rebound process. Although the overall trend remains within an upward channel, the pullback has not confirmed a bottom, and further downside exploration remains possible.

From an indicators perspective, the MACD double lines maintain a convergence state above the zero axis. If a bearish crossover forms subsequently, it may drive a new round of adjustment movement. Currently, no obvious bottom divergence signal has appeared, which suggests that bearish momentum has not been fully released, with the adjustment likely remaining incomplete. Under this structure, continuing to monitor the testing of support zones below represents a more rational approach.

From the four-hour chart perspective, although there has been a rebound intraday, it mostly belongs to the consolidation zone correction within the prior downtrend structure, exhibiting typical top-bottom conversion characteristics. The current market remains under pressure from the adjustment structure, with the short-term support level at 69000 requiring close attention. Should this level be tested again or broken below, it would indicate further extension of the adjustment wave pattern.

Overall, the current market has not yet shown clear reversal signals, with rebounds reflecting more of a correction rather than a trend reversal. Before the downtrend adjustment structure is broken, the approach should continue to maintain a shock-and-look-down mindset, waiting for further clarity in the terminal structure.#Gate13周年全球庆典