Crypto Circle Mr. Coin: 3.12 Bitcoin (BTC)) Market Analysis Reference Bitcoin retraced to the 69,000 support level yesterday and rebounded, with subsequent gains continuing. The short-term trend is again consolidating. During the day, the price rose to around 11,320 and faced resistance, continuing a wide-range oscillation pattern. However, the short-term trend is quite volatile, with the price hovering within a 2,000-point range. Please ensure proper risk management.

Looking at the short cycle hourly chart, the Bollinger Bands are narrowing. After the price formed a long upper shadow at $71,320, it pulled back, with clear selling pressure above $71,500. The daily chart has closed with three consecutive bullish candles, but the gains are diminishing, indicating that short-term upward momentum is weakening. Currently, the 1-hour chart shows a consolidation zone between $69,500 and $71,150. The MACD indicator on the 4-hour chart has shown a death cross signal (DIF crossing below DEA), while the price is supported at the 4-hour EMA7 ($70,079). The pullback is not strong, and the support below has not been broken. Additionally, the 30-day moving average ($69,333) provides short-term dynamic support. Resistance above is at 71,700, and support below is in the 68,500-69,000 range. Conservative traders can wait for a breakout to follow the trend and seize profits in time.

3.12 Bitcoin short-term reference: Range 71,700-72,700, with a defense at 75,000, stop loss at 500 points, target below 70,500, and in the 69,300-68,300 range, with a target above 70,300, and a stop loss at 500.