From the hourly chart, Bitcoin experienced a brief rebound but faced resistance near the pressure level and fell back. The continuous bearish candlestick pattern indicates that the bearish momentum is still being released, and the market structure is clearly weakening.

All three Bollinger Bands are sloping downward, with the upper band exerting resistance on the price, and the middle and lower bands moving down in sync, forming a typical bearish channel. This layout suggests a lack of upward momentum in the short term.

On the MACD indicator, both the fast and slow lines are showing signs of a death cross. This further confirms that the bullish momentum is waning, and the market remains in a relatively weak phase.

Combined with the US non-farm payroll data falling short of expectations and trade deficit issues, market risk sentiment is under pressure, putting stress on risk assets. In this macro context, the weakening technical signals appear more credible.

In terms of trading strategy, the focus is on short-term rebounds for short positions. Identifying suitable rebound highs for short entries is a relatively rational trading approach. Under the premise of risk control, wait for further clear signals from the technicals.