Bitcoin is showing a overall oscillating downward trend, starting to decline from the high point of 71,748 early this morning. During the fluctuation process, it gradually broke through short-term support levels, with the lowest dip reaching around 69,404. Ethereum's movement remains highly correlated with Bitcoin, starting its downward trend from the high of 2,085 and falling to the low of around 2,000. Throughout the process, it exhibits a weak follow-through pattern, highlighting the market's correlation.

On the daily chart, the upward channel has encountered significant resistance and contraction. After experiencing short-term resistance during a rally and rapid decline in bullish momentum, the market has shifted to a oscillating decline pattern. Bearish momentum is gradually releasing, causing the moving average system to form a downward turning resonance pattern. This formation indicates that the current trend is temporarily dominated by bears, with a short-term downward structure likely to continue. The four-hour chart continues to show a weak correction pattern, with prices steadily declining along the lower boundary of the channel, displaying a one-sided weak technical characteristic, further solidifying the foundation for a daily bearish correction. The current market rhythm indicates that bearish forces are still being released. Short-term rebounds are not signs of trend reversal but typical pullbacks under pressure, mainly to accumulate energy for further declines. Today's early operations should focus on rebound-based short positions.

Specific trading suggestions: Pay attention to resistance in the 71,100-71,700 and 72,800-73,500 zones. If these levels hold without breaking, consider shorting at higher levels, targeting a decline of 5,000-6,000 points. Watch for stabilization above 73,500 for a trend reversal.