2-28 Continue to maintain a bearish outlook

Bitcoin, Ethereum surged to around 70,000 and 2,150 respectively, then sharply pulled back. In the early morning, it dipped to around 64,900 and 1,885. The short-term bearish momentum is strong, and the overall trend is entering a sideways downward channel. The monthly chart is about to close, with consecutive months of decline and a clear downtrend. Long lower shadows do not indicate stabilization; they are only temporary corrections during the decline.

The four-hour and daily charts show bearish dominance. The rebound lacks volume and faces obvious resistance. The current support at the lower boundary of the range is weak, and a breakdown poses a high risk. Once broken, it could open a new downward space. Weekend trading sentiment remains cautious, and the weakness is unlikely to change. The recovery phase is only a high-altitude opportunity for short positions.

Trading Recommendations
Bitcoin 66,000—66,500 range, gradually short on dips, target 64,500—63,500 range

Ethereum 1,940—1,960 range, gradually short on dips, target 1,850—1,800 range