Bitcoin's price entered a volatile downward mode during the early morning hours, facing pressure all the way down to a low point of 105580; Ethereum's trend closely mirrored that of Bitcoin, synchronously entering a slow downward channel, with the price sliding down to a low of 2620.

From the current technical analysis of the market, Bitcoin has recorded three consecutive days of bearish candles, with the bullish market structure gradually weakening, and the rebound highs showing a stepwise downward trend. The candlestick pattern closed with bearish candles, and the upper shadow lines significantly elongated, visually reflecting a sharp increase in market selling pressure; meanwhile, trading volume has continued to dwindle, further confirming insufficient buying momentum in the market. In the four-hour chart, Bitcoin's price rapidly fell from the upper Bollinger Band to the lower band area, with the KDJ indicator continuing to diverge downward, indicating that there is still room for price decline in the short term. Although the current unilateral downward trend is quite evident, market movements are not instantaneous; significant declines are usually accompanied by range-bound fluctuations to correct the direction. It is worth noting that the hourly chart shows signs of a bottoming rebound after consecutive bearish declines in Bitcoin. In the morning, we maintained a high short position.

The large coin can be shorted in the range of 106200-106500, looking at around 104000.