Bitcoin experienced a stair-step decline after facing resistance near 73,000 in the early morning, with the lowest touch at 71,589, forming a bearish engulfing pattern on the daily chart. The current price has rebounded to around 71,900, but upward momentum is clearly insufficient, indicating a weak correction after a decline.

On the 4-hour chart, consecutive bearish candles appear, with a preliminary bearish arrangement, and the downward trend continues. Technically, the 4-hour RSI has fallen back into a neutral to weak zone, and the MACD fast and slow lines have crossed downward and diverged, with the green histogram gradually enlarging.
In terms of moving averages, the price has broken below the MA5, MA10, and MA30 short-term moving averages successively, and is currently testing support around 71,800. If this level is broken, the downward space will further open up to the 71,000-71,200 range.
Overall, the inability to stabilize above 73,000 indicates that bearish momentum continues to be released, and the stair-step decline suggests strong selling pressure and weak rebounds. The key resistance above is in the 72,300-72,500 zone. If the rebound cannot regain stability in this area, the short-term trend will mainly be sideways.
Initially, focus on the break below 71,500; if the rebound remains weak, consider further short-selling opportunities.
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