From the 4-hour structural perspective, after a rally and pullback around 74,000, BTC has entered a clear correction and recovery phase. The price continues to oscillate downward along the MA5 and MA10 moving averages, repeatedly testing the support zone around 66,000. Combined with the Bollinger Bands structure in the chart, the current price has touched the lower Bollinger Band multiple times and was quickly pulled back by capital, indicating strong support below. There are obvious signs of liquidity absorption and main force accumulation in the 66,000–64,000 range.

From the volume and capital structure perspective, during the previous decline, short-squeeze volume increased significantly, and the funding rate remained in negative territory, indicating market sentiment has become predominantly bearish. Under these conditions, rebounds caused by short covering are more likely to occur. Meanwhile, open interest has not increased substantially or continuously, suggesting that the current phase is more about oscillation and rotation rather than the start of a new trend downward.

Currently, chasing shorts around 67,000 is not very cost-effective, as it is close to the mid-range position with limited space below. In this oscillating structure, holding short positions for a long time is not advisable; a short-term approach is preferred—taking profits promptly when available.

Short-term trading strategy: gradually build short positions in the 68,400–69,000 range
Target levels: around 67,500 / 66,800
Stop loss: firmly above 69,500