Is Bitcoin about to enter a bear market again? From the current chart view, the four-hour line has formed a descending flag consolidation pattern, with price trading along the lower Bollinger Band. The MACD death cross remains open without convergence. After breaking through the 70,000 level, we see a complete collapse of bulls with bears in control. Support vacuum below has opened up. On-chain data shows that exchange inflows surged over the past 24 hours, with multiple holders concentrating selling positions, which undoubtedly intensifies market panic. Therefore, Qingyao recommends maintaining a bearish outlook.