Bitcoin has clearly broken out of the downward channel on the 4-hour timeframe. After forming a double top pattern near $79,500, the overall trend has turned downward. This level is not only the key neckline resistance of the double top but also an important previous high in the bullish phase, with a very strong resistance effect.

Currently, the price has retreated to the $75,000–$76,000 range, and this correction is most likely not yet complete.

The short-term rebound on the 4-hour chart is only a technical correction in a weak market, with short-term small rhythm remaining bearish; however, the short-term bearishness does not change the medium- to long-term bullish trend. After this retracement fully bottoms out, it will be a good opportunity to follow the trend and set up long positions.

In the intraday short-term, the key resistance zone is locked at $77,000–$78,000, which is also the main current area of resistance for shorting. If the price rebounds to this zone and cannot effectively break through and stabilize, traders can follow the short-sell trend. The first target below is the $73,600–$74,300 core support zone.

For medium-term positioning, focus on the $70,000–$72,000 value bottoming zone. If the price falls back to this area and shows signs of stabilization, with a reversal of volume and price, it will be an excellent position to gradually build trend-following long positions.