Yesterday after noon, Bitcoin maintained a high-volatility oscillation followed by a weak downward trend. The price rebounded from previous lows, temporarily approaching the 68000-69500 range during short-term stabilization and rebound. It then continued downward until midnight, reaching around 66500. Driven by institutional ETF capital inflows and market sentiment recovery, the price repeatedly broke through short-term resistance levels within the day, but volatility significantly increased. The synchronized rebound of spot and futures markets, accompanied by numerous liquidation events, indicates intense short-term battles between bulls and bears in the derivatives market. Ethereum showed a similar pattern: initially bottoming out and rebounding above 2000, then moving downward again. Its short-term recovery remains better than most altcoins, with market trading volume and oscillation range fluctuations significantly amplified. Overall, the trend direction has not yet been fully established. Market sentiment is gradually easing from "extreme fear" but remains cautious. The high-altitude strategy I suggested yesterday afternoon perfectly aligned with this slow downward trend. Veteran traders who followed the long positions still achieved stable gains. The market rhythm for this year started with a strong opening.

From a technical perspective, Bitcoin has broken through the short-term downward slope resistance line within the day. If it can sustain above 68000 with increased volume, a short-term bottom can be confirmed, with subsequent targets in the 70000-72500 elastic resistance zone. Support levels below are sequentially 66000 and 64000; a breakdown could restart the downward trend or test the 60000 psychological level. If ETH maintains above 2000 and breaks through the 2120-2150 resistance, it will effectively shift into a structural bullish phase. Key support below is around 1880-1920. Funding rates and open interest are favoring short-term bullish recovery. If bullish pressure continues but inflows slow down, a consolidation correction may be triggered. Overall judgment: in the short term, a bullish strategy is preferred. It is recommended to add positions after confirming the key resistance levels are stable; if support is broken, stop-loss decisively and switch to a range-bound short strategy. Future operations should mainly favor a bullish bias.