Yesterday, Bitcoin once again dipped to a new low, touching around 724, then rebounded to 742, with overall volatility limited. Currently, the first and second largest cryptocurrencies are both in a low-range consolidation after a decline, with weak rebound strength and no signs of trend reversal yet.

From the 4-hour chart, the market remains suppressed by the middle band of the Bollinger Bands, mainly consolidating and repairing weakness in the short term, with the current rebound being a technical correction after a decline. The price has failed to break through the middle Bollinger Band and key resistance levels, so the overall trend remains bearish, and blindly chasing longs carries significant risk. If the first largest cryptocurrency effectively breaks below 720 and the second below 1960, the downtrend will be further confirmed. The Bollinger Bands on the chart are generally operating below the middle band, with the upper band continuously declining and the lower band slowly moving down, clearly showing a weak trend channel. In the short term, strong resistance for the first largest cryptocurrency is concentrated around 741.
First key levels for the first largest cryptocurrency
Resistance: First resistance at 741, second resistance at 760
Support: First support at 724, second support at 720
Trading suggestion: If the price rebounds to the 736-742 range and faces resistance and falls back, consider a small short position targeting 730-725; if it effectively breaks below 724, the downward trend is likely to continue.
First key levels for the second largest cryptocurrency
Resistance: First resistance at 2025-2030, second resistance at 2090
Support: First support at 1975, second support at 1960
Trading suggestion: If the rebound reaches the 2025-2030 range and faces resistance, try a small short position with a stop loss at 2050, targeting 2000-1980; if it breaks $BTC below 1975, the decline will continue to extend.