Midnight phase Bitcoin started to retest above 78,000, with the market quickly breaking below the 78,000 level and continuing to weaken. Although there was a brief rebound, it was unable to stabilize above the key moving averages, showing an overall oscillating downward trend. After touching the early morning low of around 77,200, the decline paused, then entered a correction phase. The market oscillated and rebounded above 77,500, but the rebound was limited, and multiple attempts to break through the 77,600-77,700 area failed to produce an effective breakout. In the afternoon, it maintained a narrow range consolidation. Ethereum's trend was largely synchronized, dropping quickly from around 2,328, with multiple failed attempts to rebound during the session. The early morning low was around 2,306, then it followed the market to oscillate and recover. Currently, it is trading sideways near 2,315, with a generally weak momentum and limited rebound sustainability.

From the market structure perspective, on the 4-hour chart, Bitcoin shows clear signs of a pullback after oscillating at high levels. The price broke below the short-term upward support structure and is trading below the moving averages, indicating increasing selling pressure above and a shift from strong to weak trend. On the 1-hour chart, it shows a oscillating downward channel, with highs continuously lowering. The rebound lacks volume support, and the current resistance zone remains around 78,300-78,600. Support is first seen at the 77,000 level; if it breaks again, further downside space will open. Ethereum also broke the upward trend on the 4-hour cycle, entering a weak correction phase. The highs on the 1-hour chart are continuously decreasing, with resistance around 2,330-2,350, and short-term support at 2,300. Overall, the current market rebound and consolidation are more part of a correction within a downtrend. Our short-selling strategy remains unchanged. #加密市场行情震荡