Despite Bitcoin reaching new highs over the past week, there have been obvious changes in the market since early yesterday morning. The price has shown a "stepwise decline" pattern, with rebound highs gradually decreasing (for example, from 73,000 down to 72,500, then near 72,000), and the key support level of $73,000 has been effectively broken and turned into resistance. This "one step down, one step back" slow decline pattern often indicates that the bulls are gradually retreating while the bears are systematically applying pressure.

From a technical perspective, this decline has retraced nearly one-third of the recent gains. Although the momentum has slowed compared to the sharp rise earlier, it is more sustained. Currently, the price is under pressure below the previous support/resistance level of 73,000 (now resistance), and the early morning low of 71,200 has touched a more critical daily support zone (71,000-70,500). If this area is broken, the mid-term upward trend will face challenges, and the downward space could further open up to the 69,500-68,500 region.

In terms of current strategy, focus should be on the price action around 71,500. If the rebound cannot effectively break through and stabilize above 72,500, the market’s short-term focus will continue to shift downward. It is recommended to consider short positions after a rebound to the 72,000-72,500 zone, with targets around 70,500. If broken, hold until below 69,500.