In the last hour, the price of Bitcoin has experienced a significant volatile decline. At first, the price attempted to challenge the level around $98,000 but failed to hold, subsequently dropping quickly. During this time, bulls attempted several times to attack but were suppressed by bears, causing the price to break through multiple key support levels, eventually stabilizing temporarily around $96,400. From the flow of funds, market sentiment is cautious, with a net outflow of over $100 million, indicating that some investors chose to stay on the sidelines during the decline. Although there was a slight rebound during the trading session, the trading volume remained sluggish, lacking sufficient buying support, making the rebound appear weak. Overall, the trend in this hour shows a weak pattern of 'highs gradually decreasing and lows continuously refreshing,' with bears clearly dominating.

The price of Bitcoin is likely to continue the downward trend, further testing lower support levels. Observing the chart, the price is consistently constrained by the short-term moving averages, and each rebound has failed to break the previous highs, indicating that the bearish strength has not yet been fully released. In terms of technical indicators, although there are signs of short-term overselling, the downward momentum persists, and a brief pause may only serve to gather strength for the next wave of decline. Additionally, the market is quiet, with intensified fund outflows, reflecting insufficient investor confidence, increasing the risk of further declines. If the price breaks below the current low of $95,200, it may accelerate towards $94,000 or even lower. Caution is advised for a second bottom test after a weak rebound, and it is recommended to observe or lightly short at highs in the short term, avoiding blind bottom-fishing.

Trading Suggestions

Short Bitcoin around $97,000, with attention to $95,000 below; short Ethereum around $2,700, with attention to $2,620 below.