Big Bitcoin ($BTC) has dropped 3,000 points in the past 24 hours. For the previous four weeks, it was oscillating and rebounding, but the entire rebound lacked volume. Insufficient trading volume means weak upward momentum. Weekly chart shows a low-volume rise, with price-volume divergence and insufficient bullish strength. Daily chart has formed a bearish engulfing pattern, signaling clear bearish signs. The 6-hour upward trendline has been effectively broken. Currently, the price is testing resistance after the breakdown, confirming a bearish structure. There have been multiple false breakouts at high levels, followed by quick pullbacks after trapping bulls. Key defense level: 76,000. Breaking below this level could trigger a sharp decline. Bullish premise: Hold above 76,000. If this critical level is broken, the bullish logic completely fails. The market is likely to move into a 5-wave decline (1-5 waves). The current position is at the tail end of the rebound, favoring mid-term short positions. Key focus: Japan's press conference today at 2:30 PM.