Bitcoin Market Analysis: First, let's look at the weekly chart. After touching the historical high of $73,856, the price has basically maintained a downward trend. Although there was a rebound last week, the momentum was not strong. This week's sharp drop directly wiped out all the gains, and the price once again tested the $60,000 support level. Secondly, the MA5/MA10 death cross has formed strong resistance, which means that unless the price stabilizes above $65,000, there is still a risk of a decline. Once it breaks below the key level of $60,000, the decline will accelerate, with the first target below being around $56,500. This was mentioned over the weekend and is still valid.

Over the weekend, the price fluctuated between $60,600 and $61,800, with weak rebound momentum, especially in a market where everyone is bearish. The rebound provides us with opportunities to short. In fact, we have shorted multiple times around $61,800, and it has reached the target as expected. In early trading today, Bitcoin once again came under pressure. The focus now is on the $60,000 support level. Once it breaks below, it will immediately trigger a waterfall mode. So, what are you waiting for? Enter a short position with a small amount first, and chase after the breakthrough! For spot traders, waiting is the best strategy. Buying in when the pullback stabilizes is the right timing! You can follow directly on Weibo: Jin Yuhui, who brings wealth.

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