Bitcoin is showing a overall oscillating downward trend, starting to decline from the high point of around 69,130 early this morning. During the oscillation, it gradually broke through short-term support levels, with the lowest dip reaching the 68,560 area. Ethereum's movement is highly correlated with Bitcoin, simultaneously starting a downward trend from the high of 3,160 and dropping to the low of 3,096. Throughout the process, it maintained a steady follow-the-lead decline, highlighting the market's strong correlation.

On the daily chart, the downward channel continues to expand in an orderly manner. After experiencing a short-term surge and taking profits, the market has successfully shifted to a steady oscillating downward rhythm. The bearish momentum is gradually releasing, driving the moving average system into a synchronized resonance downward pattern. This formation indicates that the market trend has clearly reverted to a bearish dominance, and this downward trend is likely to be persistent with a solid structure. The four-hour chart continues to show a weak decline, with prices steadily testing the lower channel boundary, exhibiting technical features of a one-sided weak decline, further reinforcing the foundation of the daily bearish trend. Currently, the market rhythm indicates that the bearish force is still accumulating. The short-term rebounds are not trend reversals but typical accumulation and false signals designed to lure in buyers, aiming to gather energy for further declines. Today's early operations should focus on rebound-based short positions.

Specific trading suggestions: Pay attention to resistance in the 69,500-70,300 and 70,800-71,500 zones. If resistance is encountered, consider attempting short positions at high points, targeting a decline of 500-5,000 points. A break above 71,300 is considered a short-term trend reversal signal.