Midday short sellers increased volume, confirming the short-term bottom support level a second time. Bitcoin retraced to around 77,500 and faced resistance before rebounding. Currently, it has risen again to around 78,200 and is consolidating with fluctuations. As for Ethereum, it also retested the key support at 2,330 and rebounded sharply. It has now recovered to around 2,350 and is undergoing sideways adjustment. We are still in the stage of adjustment and testing; it is premature to determine whether the market is bullish or bearish. The future trend depends on whether a bottom formation occurs, which could lead to further bullish volume.

Currently, the four-hour chart is in a rebound and adjustment phase after a series of downward candles confirming the short-term support. The short-term support level to watch is around 77,500. If it breaks downward, the continuation of the decline will favor the bears. The current pattern maintains an upward channel, indicating a strong bullish phase with support rebounds. Resistance at higher levels still needs to be monitored above 79,000. The rebound within the upward channel is facing pressure and may fall back. Although the turnover rate has increased significantly, trading volume has also risen. Such a rebound pattern suggests profit-taking, meaning the market is still dominated by retail investors. Do not be fooled by short-term rebounds; maintain a bearish outlook.

Bitcoin can be lightly shorted in the range of 78,500-79,000, with a target of 77,500-77,000. Ethereum can be shorted at 2,360-2,380, with a target of 2,330. If broken, expect continued decline. #比特币反弹 $BTC $ETH