In the afternoon session, Bitcoin maintained brief minor fluctuations around $70,400, but bullish strength remained weak and failed to organize effective counterattacks. Subsequently, bearish momentum regained force, with price coming under pressure and decisively breaking through the key psychological and technical support level of $70,000. Currently, the price has further declined to around $69,700, with bearish sentiment firmly in control and a clear downward market trend.

From a technical perspective, the effective breakdown of the $70,000 level is a key signal of market weakness, which typically triggers a chain of stop-loss orders, accelerating price downward to find support in the $68,000 to $67,500 support zone. Meanwhile, multiple short-term moving averages including MA7 and MA25 have all moved above the current price, forming a clear "overhead pressure" pattern, indicating that any rebound will face significant resistance. Additionally, the funding rate continues to be negative, indicating that the market is overall 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 strong with no signs of trend reversal yet.#Gate13周年全球庆典