Many people are still debating whether to buy the dip, but they haven't seen that the bears have already made a killing in this decline. Bitcoin dropped from 73,773 to 70,566, completing nearly 3,000 points in a waterfall decline in a short period. The current price is 70,936, with a net outflow of 205 million yuan, and the market is now completely dominated by bearish sentiment.

From the market chart, the 15-minute K-line shows continuous downward movement, with moving averages pressing down, and the strength of rebounds weakening, indicating that the bulls no longer have the power to fight back. It is highly likely that this oscillating downward trend will continue. Every small rebound now is just an entry opportunity for the bears, not a sign of reversal.

For trading suggestions, aggressive traders can short at the current price of 70,936 directly. Conservative traders can wait for the price to rebound to around 71,200 before entering. The initial target is the 70,000 level; if broken, then look at 69,000; if it falls below that, then consider 68,000. Defensive positions should be based on your own holdings.