The 4-hour chart has formed a classic descending channel with lower highs. Since the previous peak at 81,000, the price has pulled back and is now hovering around 73,000 in an extremely low-volume, narrow-range consolidation. This kind of movement is a typical wash-trading tactic by the big players, using time to trade for space. On the surface, the candlesticks appear to be forming a small-scale ascending channel. But in reality, this is just a temporary resistance within a downtrend. The sideways movement without volume support is extremely fragile and essentially serves to lure long positions into the market to take over. The S&P is still stagnating at the 7,000-point high. The cooling of the Fed's rate-cut expectations has led to a tightening of dollar liquidity, which continues to suppress risk assets. Wall Street currently lacks sufficient new liquidity to drive a major reversal, and on-chain data confirms this. Short-term holders are consistently cutting losses and selling at the current levels, while whale accumulation is hesitant. Overall, the market is stuck in a highly contested game of existing capital. The key focus for the next three days will be testing the pressure of the descending trendline. Macro liquidity has already locked down the momentum for a rebound. If the price touches the upper edge of the descending channel but fails to break through with volume, the iron rule of "the longer it consolidates, the harder it falls" will come into play. Bulls will need a liquidation event that breaks below the previous low, forcing out bloodied chips, before the big players truly step in to act. The strong resistance above is around 75,000, which coincides with the descending trendline and the previous high-volume area. The first support below is at the wick low of 72,500, with extreme support at the 72,000 round number. From the 4-hour perspective, there is currently a demand for a bottoming rebound. You can go long at the current price and set stop-losses based on the levels mentioned above. Going short right now is simply not rational!