After briefly touching $71,000 in the afternoon, Bitcoin's price declined again, currently breaking below the $70,000 level, with a low around $69,600. On the hourly chart, the key support at $70,000 has been broken by a bearish candlestick, and the early rebound high stopped at $71,000 without breaking the previous low platform. This forms a typical weak rebound structure, and this level may become a short-term resistance for subsequent rebounds.

From a technical indicator perspective, the 1-hour Bollinger Bands are widening again, with the price moving along the lower band. The short-term moving averages have formed a death cross and continue to diverge downward, exerting direct pressure on the price. Meanwhile, the rebound volume in the afternoon has diminished, and volume increased during the decline, indicating insufficient bullish follow-through and that the bears still dominate the short-term trend. The 4-hour MACD has a death cross and continues downward, with the green energy bars still expanding, showing that bearish momentum has not yet diminished.

Overall, after losing the $70,000 level, market sentiment is cautious, and the short-term trend is dominated by bears. Until a clear bottom reversal signal with increased volume appears, a bearish outlook should be maintained. If the rebound cannot stabilize above $70,000, further decline to seek support is possible. #GateforAI重磅上线 $BTC