Last night, Bitcoin rebounded from below 50,000 at the opening time of the US stock market. It was observed that Bitcoin lost 58,000\57,000 yesterday morning and began to accelerate its decline (shown in the 1-hour K-line chart). Therefore, Bitcoin will encounter greater resistance when it rebounds near 57,000 today (the pressure of the first rebound of the market is near 57,000/57,000--58,000).

Then on the 1-hour K-line chart, a second bottoming will be formed (the closing selling pressure of the holding position of the oversold rebound). The low of the second bottoming is probably near 52,500 or 52,000, the lowest level of the callback at 3 o'clock this morning, and it will not approach 50,000.

From the daily K-line, 58,000 is also near the opening price at 8 o'clock yesterday (Monday). It will take a few days for the market to recover the largest drop of nearly 9,000U yesterday. In other words, Bitcoin will fluctuate in the range of 52,000--58,000 in the next few days.

This time, Bitcoin fell 30% from 70,000 at the end of July to a low of 49,000. It took only one week, and the long leverage of more than 3 times was basically liquidated. Yesterday's 49,000 was basically the short-term bottom.

Whether it is a 1-hour K-line cycle or a 4-hour line cycle, it will take some time (about a week) for Bitcoin to reverse the overall weakness of this week.

Since the long 3x leverage has been fully liquidated, it is not recommended to short after the rebound is blocked. After the short-term market bottoms out, it is not ruled out that the market will rebound slowly.

As mentioned above, the emergence of the second exploration is just the short-term oversold bottom-fishing long settlement and some short-term speculative short orders will cause the market to have a second exploration. In terms of trading, you can pay attention to the opportunity that the market Bitcoin may explore below 53,000 for the second exploration and enter the market again to go long.