Bitcoin experienced a second bottom test following the "rally and pullback" of the previous two days, briefly breaking below 67500 intraday, triggering massive leverage liquidations. Bitcoin's buying pressure ultimately couldn't withstand the macro chill, with the loss of the 70000 level signaling that the rebound was just a flash in the pan. Delayed rate-cut expectations and tightening liquidity mean the sharp decline over the past two days is only the beginning of high-level distribution, with the true bottom still ahead. Yesterday, relying on the 4-hour-level top divergence structure and suppression from key supply zones, we decisively opened shorts near 69300. As the price pierced through the 68000 psychological level and accelerated downward, triggering cascading liquidations of long positions, we successfully completed profit-taking at 67500, with a 1800-point profit margin being the best reward for structural traders. Currently, Bitcoin's technical structure presents a typical bear market continuation pattern. Following the head-and-shoulders formation at the 76000 high on the daily level, selling has accelerated. It has now effectively broken below the 200-day moving average, the bull-bear dividing line, and the Vegas Channel has also formed a high-level death cross providing resistance, confirming a medium-term trend reversal to bearish. The 4-hour chart is suppressed by EMA144, with weak rebounds lacking volume, indicating a weak consolidation structure. On trading strategy, we maintain a trend-following approach with the core idea of selling into rebounds. The previous structural logic remains valid, with no need to adjust the established tactics due to local fluctuations. Bitcoin short entry 68300-68800, targeting 67000. Simultaneously Ethereum short entry 2060-2090, targeting 2030. #加密行情震荡 #币圈生存指南 #稳定币市值创新高 $BTC ‌$ETH ‌