Is Bitcoin about to enter a bear market? From the current market structure, the 4-hour chart has formed a descending flag consolidation pattern, with price trading along the lower Bollinger Band, the MACD death cross showing an expanding opening with no convergence in sight. After breaking below the 70,000 level, we're seeing a collapse of bulls and dominance by bears. Support levels below are opening up into a vacuum zone. On-chain data shows that exchange inflows have surged over the past 24 hours, with multiple holders concentrating their selling, which undoubtedly intensifies market panic. Therefore, Qingyao continues to recommend a bearish outlook.

Thursday Evening Trading Suggestions:

Bitcoin: On rallies to 70500-71000, continue shorting with target 68000; if that breaks, continue targeting 66000!

Ethereum: On rallies to 2180-2210, continue shorting with target 2080; for swing trading target 1860!