Bitcoin (BTC) is currently facing continued downward pressure. From the 30-minute chart, BTC is challenging the descending trend line that has formed over the past few weeks. Although the price has entered the previous supply area, the trading volume remains weak, and the 200-day moving average is still above, all of which further confirm the current bearish bias.

In terms of key price levels, the resistance range is between $11,350 and $11,450, while support levels are near $11,000 and $10,600. Structurally, the current pattern could be a bearish flag or a descending channel.

It is worth noting that if the price can break through $11,450 with the support of high trading volume, it may break the current bearish structure. However, before this breakthrough occurs, the macro trend still points downward, and further declines may occur in the future.

For investors, it is advisable to avoid chasing highs until a clear breakout and successful retest are confirmed. If the price is rejected at the resistance level, shorting the rebound could be considered. Additionally, keep an eye on the breakout below $11,000, as it may present short-term trading opportunities.

Overall, unless the bulls strongly intervene, this is likely just a dead cat bounce. Market participants should remain vigilant and operate cautiously.