In the afternoon session, Bitcoin maintained brief minor fluctuations around $70,400, but bullish momentum was weak and failed to organize an effective counterattack. Subsequently, bearish momentum intensified, pushing the price down and decisively breaking through the key psychological and technical resistance level of $70,000. Currently, the price has further declined to around $69,700, with bearish sentiment dominating absolutely, and the market downtrend is evident.

From a technical perspective, the effective breakdown of the $70,000 level is a key signal of market weakness, which typically triggers cascading stop-loss orders and accelerates the price toward the support zone of $68,000 to $67,500. Meanwhile, multiple short-term moving averages such as MA7 and MA25 have all moved above the current price, forming a distinct "overhead pressure" pattern, meaning any rebound will face substantial resistance. Additionally, the funding rate continues to be negative, indicating that the market is generally biased toward shorting with strong bearish sentiment, while momentum indicators such as MACD continue to weaken below the zero line, suggesting that downward momentum remains sufficient with no signs of trend reversal yet. #Gate13周年全球庆典