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Currently, there is a divergence in the macro market, which will lead to a polarization of market funds and a state of contraction. The overall market situation will be this kind of hellish level of shock before the macro is clear. In the short term, the bearish trend is strong, but it does not dominate. Pay attention to the possibility of violent rebound near strong support. This is in line with the method used by institutions to harvest retail investors. However, regulatory crackdown is one of the reasons for the decline in cryptocurrency, and increasing regulatory scrutiny and stricter regulations may reduce investors' information about cryptocurrencies, leading to a large-scale sell-off in the market. If the global economy significantly deteriorates or a larger financial crisis erupts, it will also lead to a large-scale sell-off of cryptocurrencies. When prices reach unsustainable levels, there is usually a significant correction, which is a natural profit-taking and market saturation correction.

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Bitcoin tested the 66950 level in the early morning yesterday and fell under pressure. It continued to decline during the day session, testing the 65000 support level twice, and then attempted to rise again in the early morning, testing the 67250 level at the highest point before retreating under pressure. From a structural perspective, the rebound did not break the high point, indicating a relatively insufficient overall strength. The performance is still in a stage of oscillation and has not been able to continue. It is currently oscillating around the 66500 level. From the current market structure, the downside space is still constrained, and there is still resistance to operation. Looking at the four-hour level, there are signs of a bottoming out below, and the trend is expected to warm up and rise. Currently, there is insufficient energy in the market, and it is difficult to achieve a breakthrough. Overall, the market is still operating within a range, and it is possible to operate in both long and short positions.

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Yesterday morning, Ethereum tested the 3650 support level but fell back. In the evening, it rebounded and recovered to around 3463, with the highest rebound reaching around 3580, but then fell back to oscillate around the 3520 range. The current four-hour K-line shows that the EMA contraction space is getting smaller, and there may be a horizontal trend near the pressure level in the short term. The KDJ closing line did not stretch as expected but instead decreased, and the Bollinger Bands contracted, with the upper rail focusing on 3636 and the lower rail focusing on 3450. The MACD's overall trend is bearish with a shrinking volume. At the same time, Ethereum's weekly trend is still bearish, with a continuous decline around 3620. Only a valid breakthrough and firm stance above the 3620 level indicates the arrival of a true bull market.