Here we distinguish between short-term and long-term, try to make a distinction

BTCK Line Analysis:
The most recent 4-hour candlestick shows a continuous downward trend, but with long lower shadows, indicating support.
The daily candlestick has formed a long upper shadow doji recently, indicating significant selling pressure and market hesitation.
Technical Indicators:
MACD has formed a death cross; in the 4-hour timeframe, the DIF value is negative and continues to converge towards the DEA, indicating a high possibility of further weakening. Although still in a strong range on the daily chart, there are signs of a pullback.
RSI has gradually entered the oversold area in the 4-hour timeframe, with values dropping to around 38, suggesting a potential rebound in the short term; on the daily chart, it remains at a high level but shows a downward trend.
The short-term EMA (like EMA7) has started to flatten quickly and shows signs of tilting downwards, while the gap with the long-term EMA (like EMA120) is narrowing, indicating potential weakening risks. The daily EMA still looks bullish, and the overall arrangement remains bullish, with some demand for correction.
$BTC