Early trading in Bitcoin continues its bearish pattern, displaying a typical staircase-like decline. The price has been gradually falling from around 71000, with the afternoon lows touching the 70100 level, showing weak rebound strength. Currently, the price has recovered to around 70300, but the rebound magnitude is limited, with buy-side willingness remaining weak, and bears still dominating the short-term momentum.

From the hourly timeframe, the downtrend structure is intact, with rebound highs declining sequentially. The moving average system maintains a bearish divergence arrangement, and the MACD fast and slow lines are trading below the zero axis. The bearish momentum bars show no significant shortening, indicating that downward pressure has not yet been fully released. The 70000 level serves as a key psychological support in the near term and is now within striking distance. Once breached effectively, it will trigger another round of technical selling pressure.

Currently, the chart has not shown a clear bottom signal, with rebounds only manifesting as minor corrections and poor volume coordination. Operationally, we maintain our strategy of fading rebounds at highs. After the 70000 level breaks, the downside space will further open up, with the short term potentially targeting the 69000 area. Before a bottom structure is confirmed, blind bottom-fishing should be avoided.

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