In the early morning, Bitcoin broke through the 68,000 level as expected, with the lowest point reaching the 67,300 line, with short positions capturing nearly 800 points of profit. Although the price has rebounded to around 68,300, overall pressure remains evident, with limited strength in bullish counterattacks, and 68,000 has shifted from support to resistance.

On the daily timeframe, MA5 and MA10 form a death cross diverging downward. The current rebound has not effectively held above 68,000, suggesting a potential bull trap. On the four-hour chart, price is trading within a downtrend channel, with rebounds blocked at the Bollinger Band mid-line. The MACD fast and slow lines show signs of another death cross after consolidation below the zero axis, with short-side momentum not showing significant diminishment. On the hourly timeframe, the 68,500-68,800 zone combined with the Fibonacci 0.382 retracement level creates dual resistance, with the rebound lacking volume confirmation, and the short-term bearish structure remains unchanged.

Before the price can effectively hold above the 68,000-68,500 zone, it is recommended to maintain a contrarian short bias on rebounds, with each rebound attempt viewed as an entry opportunity. Key focus below is the 67,300 support strength. If it breaks again, downside space will open further, and short positions can be held or added to selectively. #Gate13周年全球庆典 $BTC