#CelebratingNewYearOnGateSquare

BTC is currently in a clear downtrend, showing bearish technical formations on both the short-term and daily charts. Market sentiment is cautious, and recent price actions point to increased volatility and selling pressure.
- Last BTC price: 68,870 USDT
- 24-hour price change: -2.4%
- 24-hour trading volume: 943,861,516 USDT
- 7-day change: -5.87%
- 30-day change: -24.57%
- 15-minute and daily moving averages: MA7 < MA30 < MA120 (bearish alignment)
- Unusually high 24-hour selling volume

Technically, BTC is underperforming:
- Both the short-term (15-minute) and daily moving averages are aligned for a downtrend, confirming the downward momentum. - The price has fallen below the 20-period moving average, indicating short-term weakness.

- Bollinger Bands are widening well above historical averages, signaling increased volatility and market uncertainty.

- The RSI (Relative Strength Index) is low (around 32), near the oversold region, but not yet signaling an imminent reversal.

- Recent key events: large outflows from spot ETFs (particularly the forced liquidation of IBIT's leveraged positions) likely contributed to selling pressure; some mining companies (like Cango) intensified price pressure by selling significant amounts of assets.

Despite the sell-off, large whales accumulated significant amounts of BTC during the recent decline by buying at the bottom. However, the overall market sentiment remains cautious, with less talk on social media and less positive sentiment.

If considering new positions, this environment is conducive to tactical trading—look for short-term rebounds after panic selling, but use low-risk setups. For existing investors, watch for stability above key support levels (approximately 60,000 USDT) and monitor for new entries or signs of a reversal.

$BTC ‌