In the early hours, the bulls' momentum at around 68,700 weakened, and the bears took the opportunity to push the price down to a low of 67,200. Currently, the price is fluctuating around 67,500, but the market structure has clearly weakened. From the 4-hour chart perspective, a large bearish candle broke through multiple short-term moving average supports, with the price trading below these averages. Meanwhile, the MACD indicator is forming a death cross near the zero line, and the bearish momentum is beginning to show, indicating increasing selling pressure.

Examining the 1-hour chart for detailed declines, it can be seen that the downward movement is smooth while rebounds are weak, a typical sign of weakness. The candlesticks are running along the lower Bollinger Band with the band opening wider, indicating continuous bearish momentum. Short-term resistance is focused on the 67,600-67,800 range, with key support below at 67,200. If this level is broken and confirmed, it could trigger a deeper correction.

Overall, the decline in the early hours broke the short-term equilibrium, and the bears have taken control of the market. If subsequent rebounds remain weak, bearish pressure may intensify further. Traders should pay close attention to the support at the previous low of 67,200; if it is broken, the market could enter a new downward phase. #Gate广场发帖领五万美金红包 $BTC