Both Bitcoin and Ethereum experienced technical rebounds within the day. Bitcoin recovered from its lows, reaching a high of 71451, while Ethereum temporarily rebounded to around 2090. However, this rebound was not accompanied by a substantial improvement in market sentiment. Key indicator contract funding rates on major exchanges still generally point to a bearish stance. Ethereum's annualized funding rate has even turned negative, reflecting a severe lack of bullish confidence, with shorts paying fees for holding positions—a rare situation. This suggests that the rebound is mainly driven by short covering rather than new buying interest, and overall market sentiment remains fragile.

The current technical structure indicates that the downside risk has not been eliminated. On the daily chart, Bitcoin has formed a downward channel, and after the rebound, it failed to break through the key resistance zone, with 74000-76000 forming a strong resistance above. On-chain data shows that prices are still constrained near the critical cost basis, and the options market also shows increased demand for downside protection. Ethereum's structure is relatively weaker, with the 2200-2300 range acting as resistance to the rebound, while the key psychological support below is around 2000. Overall, the price rebound and the persistently bearish funding rates form a bearish divergence, indicating that the upward movement lacks sustainability. The overall market structure remains under pressure, and the technical rebound is showing signs of fatigue near resistance levels. Therefore, the subsequent trading strategy clearly favors short positions at higher levels. #加密市场回调 $BTC