Bitcoin repeatedly faced strong resistance during upward attempts, with key resistance levels remaining unbroken for a long time. The longer the sideways consolidation at high levels, the more it appears that the bulls are weak and lacking upward momentum.

The early morning surge was more like a trap, with a quick pullback after the rally, confirming heavy bearish pressure above.

The trend is not a reversal, just a rebound facing resistance and consolidating. Failing to hold above the early morning high suggests a high probability of further retests downward.

Operate mainly by shorting with the trend; rebounds are opportunities to short, and heavy resistance at high levels warrants opening short positions directly.

Bitcoin: Short around 68,400-69,000, target 67,000-66,000

Ethereum: Short around 2,120-2,150, target 2,060-2,000