3.2

1-hour cycle, MA7 crosses below MA30 forming a death cross, with the price continuously trading below the dual moving averages, forming a dynamic strong resistance system; the price has effectively broken below the key support level of 66,000, with rebound highs gradually decreasing, indicating a clear downward structure. The candlestick patterns mainly show long downward shadows and weak small bullish rebounds, with bulls lacking strength and bears dominating the market, and rebounds facing significant resistance.

The escalation of Middle Eastern geopolitical conflicts has driven funds into gold and crude oil as safe havens, while short-term risk appetite for BTC weakens;
The Federal Reserve's rate cut expectations have been postponed to July, with the high-interest-rate environment continuing to suppress risk asset valuations;
In the first quarter of 2026, BTC has fallen over 23%, marking the worst start in years; large whales and institutional investors are exiting with significant losses, and miners are under ongoing deleveraging pressure;
South Africa’s tightening crypto regulations and tax policies are intensifying capital outflows and market volatility.

Mainly consider short positions, execute with light positions, and strictly manage risk.

Bitcoin: Short around 67,200–68,000, watch for 66,000–64,500.

Altcoins: Short around 1,990–2,040, watch for 1,900–1,850–1,800.
$BTC $ETH