During the midnight session, Bitcoin's trend was relatively strong, rising to around 68,600 before facing resistance and pulling back. It found support near 67,300, stabilized, and rebounded. Subsequently, it oscillated upward and is now again trading above the 68,000 level, consolidating.

From the market structure perspective, this midnight rebound is essentially more of a technical correction. Although the price tested the 68,000 level three times and successfully stabilized, the overall judgment remains unchanged: this is only a small-scale rebound correction and unlikely to alter the overall major trend. On the four-hour chart, it is clear that since the high of 76,000, Bitcoin has experienced multiple similar rebound structures, with the rebound momentum gradually weakening each time. Although there was a slight breakout this time, it did not cause a substantial reversal of the medium-term downtrend. Therefore, our overall bearish outlook remains unchanged.
Buy on dips near 68,500-69,100, with targets at 66,800-65,300;
The altcoin rebound around 2,120-2,150, with support at 2,040-1,950.