Bitcoin broke through the 71,400 level yesterday, then pulled back. The idea of first rising then falling that I mentioned yesterday perfectly matches the current situation. The market is now forming an upward structure with higher highs and higher lows.

On the daily chart, the MACD is above the zero line with a golden cross, and the red histogram continues to expand, indicating increasing bullish momentum. The RSI is in the 60-64 range, which is a healthy bullish zone, not overbought, leaving room for further upward movement. Volume increased when breaking through 70,000, and during the pullback, volume decreased, indicating limited selling pressure and strong buying support. The price is above the middle Bollinger Band and approaching the upper band, with the bands widening, signaling a strengthening trend.

Short-term support levels to watch are around 69,300-69,500 for a potential pullback and retest. Strong support is at 68,000-68,500. On the weekly chart, after six consecutive weeks of decline, a bullish candle closed, indicating a stabilization and end of the short-term downtrend. Mid-term downward momentum is weakening.

For intraday trading, consider buying on dips around 69,300-69,500 in stages. The first target is 72,000-72,500, and the second target is the Fibonacci retracement level at 74,400.

If volume increases and the price falls below 68,000, be alert to a weakening trend and watch for risk of a correction. The above strategy is a personal suggestion for reference only.