Is Bitcoin about to enter a bear market again? From the current chart, the four-hour line has formed a descending flag consolidation pattern, with prices trading along the lower Bollinger Band. The MACD death cross is still widening with no signs of convergence. After breaking below the 70000 level, we're seeing a situation where bulls are collapsing and bears are taking control. The support vacuum below has opened up. On-chain data shows that exchange inflows have surged over the past 24 hours, with multiple holders concentrating their selling, which has undoubtedly intensified market panic. Therefore, Qingyao still recommends a bearish outlook.

Thursday evening trading recommendations:

Bitcoin: On rebounds to 70500-71000, continue shorting with a target of 68000. If that breaks, continue watching 66000!

Ethereum: On rebounds to 2180-2210, continue shorting with a target of 2080. For wave trading, watch 1860!