Bitcoin price entered a volatile downtrend mode during the early hours, facing pressure and dipping all the way down to the low point of 105580; Ethereum's movement closely mirrored that of Bitcoin, simultaneously entering a slow downtrend channel, with the price sliding down to a low point of 2620.

From the current technical analysis of the market, Bitcoin has closed with three consecutive bearish candles on the daily chart, indicating a gradual weakening of the bullish market structure, with the rebound high points showing a stepwise downward trend. The candlestick pattern has reported bearish candles, and the upper shadow has significantly lengthened, reflecting an obvious increase in market selling pressure; at the same time, trading volume remains sluggish, further confirming the lack of buying momentum in the market. On the four-hour chart, the price of Bitcoin has quickly retraced from the upper Bollinger Band to the lower band area, with the KDJ indicator continuing to diverge downwards, suggesting that there is still potential for a dip in price in the short term. Although the current unilateral downward trend is quite evident, the market movement is not instantaneous; significant declines are usually accompanied by range-bound fluctuations to correct the direction. It is worth noting that the hourly chart shows signs of a bottoming rebound after consecutive bearish candles. In the morning, we will maintain a high short position.

The Bitcoin can short at 106200-106500, looking around 104000.

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