Although this sharp decline in the early morning briefly touched around 66,600, from a technical perspective, this was actually an effective test of a key support level. This level is not only a previous area of high trading volume but also coincides with the daily MA60 moving average. After the price touched this level, it quickly rebounded and formed a long lower shadow, indicating strong buying support below and signaling a waning downward momentum. At the same time, this downward probe effectively cleared excessive leverage funding rates, reducing selling pressure for the subsequent rally.

As the price recovered to around 67,400, a preliminary bottom formation appeared on the 4-hour chart, suggesting potential for further short-term rebound. As long as the support zone between 66,600 and 67,000 is not effectively broken, attention can be given to upward recovery momentum. The first target is to see if the price can regain the 68,000 level; if it stabilizes there, it may challenge the previous high of 68,600 again. This is a typical retracement and stabilization in a bullish trend.

Bitcoin outlook: Buy near 66,600-67,000, target 68,500
Ethereum outlook: Buy near 2000-2010, target 2100