Currently, the price of Bitcoin is stable at around $59,700, and while the short-term structure appears to shift to bullish once again, the medium- and long-term trends in the cryptocurrency remain fraught with uncertainty. Bitcoin's price remains below its 50-day and 200-day moving averages, two important technical indicators that have recently formed what is often seen as a bearish signal. Nonetheless, the price of bitcoin has re-entered its annual and weekly volume-weighted average price (VWAP), which seems to provide some support for the cryptocurrency. In terms of the momentum of cryptocurrencies, although Bitcoin has experienced a small rebound and appears to be getting some support, its overall momentum still looks weak. This is reflected not only in the price of Bitcoin itself, but also in its oscillation indicators. The current technical analysis was conducted in collaboration with Elie FT, an enthusiastic investor and trader in the cryptocurrency market, who highlighted the current situation of weak momentum in Bitcoin. Looking at the derivatives market, Bitcoin's recent volatility has been accompanied by a slight increase in unclosed contracts. However, this growth occurred against the backdrop of an overall decline in CVD (an indicator of the derivatives market), which may indicate that speculators are relatively pessimistic about the future price of Bitcoin. The recent fluctuations in funding rates between positive and negative strengthened this assumption. In terms of liquidation, the current situation remains insignificant, indicating that the market is in a phase of relative stability. However, the clearing heatmap of the past three months shows that there is a clearing area for BTC / USDT at around $61,500, and it appears that the cryptocurrency has triggered a large sell-off at this level, leading to a downward price response.