News Context:
Today's decline may be dragged down by the overall market sentiment. Continuous net outflows of Bitcoin ETF funds have caused altcoins to follow suit, combined with Binance's recent lack of major positive news (such as new coin listings, ecosystem upgrades, etc.), the market lacks catalysts. Caution is needed for tonight's Federal Reserve meeting minutes which may release hawkish signals, potentially further pressuring risk assets.

Technical Analysis: Key Level Resistance: The purple resistance level (at $670) has been pressured multiple times, creating a 'watershed' effect. The bulls failed to break through with volume, leading to a release of selling pressure.

Momentum Exhaustion: The lower indicator column shows 'buying momentum weakening', the green trend line is flattening, and the volume indicator (19.9% area) continues to shrink, reflecting a wait-and-see sentiment from funds.

TD Sequence Signal: The chart shows a 'Down:2' bearish count, combined with the price breaking below the short-term support of $668.3, triggering technical sell signals.

Future Market Direction

Short-term (1-3 days): If the $668.3 watershed cannot be recovered, it may test the key support at $625.44. This position is a bullish defense line (100% buying zone), and a significant drop below this level will open downward space to $618.


Medium-term: Two points need observation:
Volume Coordination: A rebound must be accompanied by a significant increase in volume in the 19.9% area; otherwise, the situation of 'insufficient upward momentum' is difficult to change.

News Catalyst: The new project in Binance Launchpool or the BNB burn announcement is expected to boost sentiment.

Strategy: Currently, the market is weakly oscillating, mainly observing in the short term. A breakthrough above the $670 resistance can allow for light long positions, with a stop loss set below $625.

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