Last night, Bitcoin's waterfall washout exceeded many people's expectations. Two four-hour large bearish candles directly swallowed half of the gains that had been painstakingly built up over the previous few days. Those who chased longs, caught the bottom, and held medium-term positions were basically trapped inside.

The market switched from strong bullish momentum to panic cooling in an instant. Market sentiment was completely caught off guard. At 2:30 AM, the Federal Reserve's interest rate decision came as expected with no change, but the price action became even more conflicted—the news landed with neither an up nor down reaction. Both bulls and bears are watching, and nobody dares to take reckless action.

The current price level is the most critical watershed. Breaking down means weakness and a failed breakdown, while going up means finding a bottom and bouncing back into recovery. Every candle that follows is crucial.

Trading recommendations: Long near 69,400–68,600, target 72,000–72,600 above, invalidation at 74,000.
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