Never thought 68K and 65K would be as fragile as paper. So, 60K is bound to break! The main trend today is still bearish. The technical rebound to 61K this morning doesn’t confirm a bottom yet. Both $BTC and $ETH are in a daily + 4-hour resonance downtrend. Although there’s been a short-term rebound due to the deep sell-off, looking at the structure, order flow, and liquidation distribution, the rebound seems more like providing liquidity for shorts above rather than the start of a trend reversal. As of now, the intraday lows for $BTC and $ETH are 61,503 and 1,730.46, respectively. On the macro side, the external environment isn’t friendly right now: - ETF outflows continue - Strategy sells coins for the first time - Mt.Gox transfers coins - Binance launches U.S. stock/ETF trading, expanding the industry’s boundaries Meanwhile, U.S. May ADP employment increased by 122K, ISM Services PMI rose to 54.5, and the Input Prices Index climbed to 71.3, all reinforcing expectations of “higher rates for longer.” The U.S. May Nonfarm Payrolls report will be released on June 5 at 8:30 AM, so the market is likely to remain influenced by employment data and USD/U.S. Treasury yields over the next couple of days. Trading summary: - $BTC: Prioritize shorting the rebound. As long as it doesn’t reclaim 65.8K-66.2K, treat it as a correction within the downtrend. In the short term, watch for a rebound to the 65K / 65.8K / 67K range to see if it gets suppressed again. - $ETH: Similarly, prioritize shorting the rebound. As long as it doesn’t reclaim 1835-1860, treat it as a weak rebound. In the short term, watch for 1820-1835, or slightly stronger resistance at 1850-1865.