BTC short-term technical chart shows a clear bearish pattern, with both MACD and moving average system indicating weakening momentum. Trading volume continues to shrink, suggesting strong wait-and-see sentiment among investors. Current price has approached an important support zone, with K-line showing a large bullish candle but failing to form a reversal structure. If support breaks, further downside exploration is possible; otherwise, a short-term rebound is expected, but upper resistance is strong and requires sustained trading volume support.

Recent news flow remains mixed—Tether continues to issue USDT to inject liquidity into the market, but ETF capital outflows and large account short position losses indicate that some institutions are playing defense during the risk release phase. Overall, BTC's current main tone is "volatile consolidation at bottom," with direction needing further confirmation.