The second Bitcoin's midnight trend continues to oscillate downward, having tested recent lows since retreating from the previous high.

From a 4-hour structure perspective, the MACD indicator shows a dual-line convergence, with shrinking momentum bars indicating a temporary balance between bulls and bears. Whether it can break through the middle band with increased volume remains to be confirmed. The RSI has slightly rebounded from the oversold area but has not triggered a significant price rebound, indicating insufficient market follow-through; the KDJ indicator remains in a downward divergence pattern, with short-term bearish sentiment still dominant.

Overall, the price remains in a pressure adjustment phase, with limited rebound strength, and the risk of further decline should be watched carefully.

It is recommended to short around 3120 and 3160, with the first target at 3020, and if broken, look towards 2850.