$BTC

Based on the current chart structure, after the daily line experienced three consecutive down days, the price is currently oscillating and consolidating around the middle band area, which is a typical adjustment rhythm since the downtrend began. Today's K-line presents a cross star with a long upper shadow, indicating clear 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 indicator perspective, the MACD double line maintains a adhesive state above the zero axis. If a death cross forms subsequently, it may trigger a new round of adjustment. Currently, no obvious bottom divergence signal has appeared, indicating that bearish momentum has not been fully released, and the adjustment likely remains incomplete. Under this structure, continuing to monitor the test of support levels below is the more rational approach.

Looking at the 4-hour chart, although there was intraday rebound, it more belongs to consolidation interval correction within the previous downtrend structure, presenting typical top-bottom conversion characteristics. The current market remains under pressure from the adjustment structure, and the short-term support level at 69000 needs to be closely watched. If this position is tested again or broken below, it means the adjustment wave pattern will extend further.

Overall, the current market has not shown a clear reversal signal, with rebounds more reflecting correction rather than trend reversal. Before the downtrend adjustment structure is broken, the approach should continue to maintain a consolidation-to-downside bias, awaiting further clarification of the terminal structure.
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