#加密市场回调 The Bitcoin market has shown weak performance recently. Whether reveling in the liquidation of others' contracts or worrying about unrealized losses in one's own spot positions, it is better to calmly analyze market trends. Wednesday's market review shows that BTC began a downward trend from early morning, briefly hitting a low of 112100 before finding support, then entering a fluctuating upward channel. Although it briefly touched a high of 113643 in the evening, it was immediately blocked and fell back to stabilize around 110960. ETH's trajectory remains consistent with Bitcoin, starting to decline from 4151 points and hitting a low around 3926 points for consolidation.

Technical analysis indicates that Bitcoin has clearly entered a downward channel after establishing a phase top in the 116000 high point region. The K-line patterns during the decline show that bears hold an absolute advantage—bearish candles generally exhibit large bodies with short upper shadows, indicating strong selling pressure, leaving bulls almost no room for a rebound; while bullish candles are mostly small bodies with long lower shadows, reflecting that buyers can only barely support at low levels, lacking momentum for sustained upward movement.

The price is currently running close to the lower track, indicating that the short-term downward momentum remains strong. In terms of technical indicators, the MACD double lines continue to run below the zero axis, and the histogram remains in a negative state, further confirming that the current market is dominated by bears, with a strong continuation of the downward trend. Based on the above analysis, investors may consider positioning short strategies during the rebound on Thursday morning.

Trading recommendations can focus on shorting opportunities in the Bitcoin range of 111500-112000, targeting the 110000 level; for Ethereum, pay attention to shorting opportunities near 4000, with a downward target of 3900. When executing strategies, be sure to implement risk control to avoid excessive leverage.