3.12 Evening Bitcoin Bullish Analysis

Although Bitcoin has experienced minor intraday fluctuations and pullbacks in the short term, the support below remains robust, and bullish counterattack momentum is gradually accumulating. The overall bullish trend is clear. From a technical perspective, price is obtaining strong support from the MA60 moving average, the Bollinger Band midline support has not been decisively broken, and the Bollinger Bands maintain a contracting consolidation pattern overall; the KDJ indicator is in the oversold zone and about to form a golden cross. Short-term bearish selling pressure has been sufficiently released. The market is forming a bullish accumulation pattern of "pullback consolidation-indicator reversal-Bollinger contraction." The key support below is at 69,100. Once this level holds, the rebound will gradually gain momentum. The primary target above looks toward 70,800-71,300. After breaking through, there is potential for further gains.

At 20:30 tonight, the U.S. initial jobless claims for the week ending March 7 will be released. The previous value was 213,000 people, with expectations at 215,000 people. If the data underperforms expectations (actual value < 215,000), it reflects that the U.S. employment market remains robust, market rate cut expectations may warm up, and the dollar index will experience downward pressure, which will directly benefit the cryptocurrency market and drive Bitcoin's rebound rally. Even if the data meets expectations, the bearish momentum on the current chart has been exhausted, and Bitcoin will still achieve a recovery-driven rally with strong support.

Operation Suggestion: Long at 69,000-69,500, target 70,800-71,400