Yesterday, the Nasdaq opened high but quickly plunged, with an intraday volatility close to 2.5%. This decline was mainly due to a concentrated adjustment in high-priced technology stocks, causing market risk appetite to cool rapidly. Although there was some recovery towards the end, the overall rebound strength was limited, and the risk-averse sentiment among funds remained evident.

Influenced by the U.S. stock market, the cryptocurrency market also entered a rapid downward trend, with Bitcoin returning all of the gains from the previous two days in just one hour, once again proving that the current market is still in a typical bearish environment. As long as negative news emerges externally, the issue of insufficient liquidity will be quickly magnified, making prices prone to "free fall" declines.

Today, after the Asian markets opened, stock markets in multiple regions also showed weak performance, with risk assets under overall pressure. The valuation of technology sectors continues to decline, with assets previously supported by high expectations beginning to reprice, and market volatility is expected to remain high.

From a technical structure perspective, Bitcoin has entered an oversold zone after consecutive declines, indicating a short-term technical repair demand, thus it is more likely to first experience a period of oscillation and repair during the day, then observe the reception situation in the upper pressure area. However, it must be emphasized that the current repair is merely a normal pullback in the decline process and does not signify a reversal of the trend.

In the short term, the 1-hour level is the important pressure area that this rebound must face first. If the repair strength cannot break through and stabilize at this position, the bears will most likely regain control of the pace, and the high levels will still be a key area to watch closely.

Meanwhile, the key support zone is already approaching from below. 58500—58800 area is the most important bullish defensive line at present and also the recent dividing line between bulls and bears. If this area is effectively broken, the market is likely to open up further downward space, triggering a new round of stop-loss releases; conversely, if it can stabilize and form a strong rebound, then a short-term repair trend may continue.

Overall, the market still maintains a bearish oscillation pattern:

Overall direction remains bearish;
short-term repair opportunities exist;
after the repair ends, pay close attention to high-level shorting opportunities
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This article is published by 【Huiying Community】 and represents personal views only. Due to a certain delay in information transmission, the content is for reference only and does not constitute any investment advice. Please judge rationally and operate cautiously.
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