#当前行情抄底还是观望？ Recently, Bitcoin prices have been volatile, breaking through multiple key support levels, and market sentiment is bearish. Based on the current market conditions and analysis, it is recommended to adopt a wait-and-see approach, be cautious about bottom-fishing, for the following reasons:

1. Technical Resistance is Strong
Bitcoin remains in a downtrend on the daily chart, with MACD showing a death cross and RSI slightly below 50, indicating that the bearish momentum is dominant. Although there has been a recent rebound, the rebound strength is weak, and it has repeatedly broken below key support levels (such as $75,000 and $73,000), indicating a lack of market confidence. If the price further breaks below the $70,000 support, it could trigger a larger-scale sell-off.

2. Ongoing Macro Factors
Expectations of Federal Reserve monetary policy, geopolitical tensions (such as the Israel-Iran conflict), and other factors continue to suppress market sentiment. The strengthening US dollar puts pressure on Bitcoin priced in USD, and Bitcoin has not shown significant safe-haven properties recently, declining in tandem with traditional risk assets, reflecting market divergence on its asset positioning.

3. Capital Flows and Market Sentiment
On-chain data shows that although the number of new addresses has surged recently, the overall market remains in a phase of capital redistribution, lacking new inflows. Institutional investors are reducing holdings due to profit-taking and regulatory uncertainties, and the market currently lacks strong upward-driving factors in the short term.

4. Poor Risk-Reward Ratio
While there are support levels below the current price (such as $70,000 and $68,000), the target rebounds (such as $80,000 and $82,000) are still far from the current price, and after a rebound, the price may continue to decline. Blindly bottom-fishing could face significant losses.

Trading Advice:
Mainly wait-and-see: Look for clear bottom signals in the market (such as multiple consecutive days closing above $70,000, or obvious volume increases and technical indicator reversals).