3.16 Monday Morning Latest Insights: Clear Upper Resistance, Intraday Focus on Pullback

The weekend has passed, and a new week has quietly begun. Wishing everyone smooth trading and good fortune this week!

The weekend market, as usual, continued oscillating within its range. Until early this morning, bullish sentiment warmed up, and price surged quickly, pushing Bitcoin up to the 73200 level before facing selling pressure. Currently, it's oscillating around 72500.

From a short-term momentum perspective, bulls have temporarily regained some initiative. On the 4-hour chart, price is oscillating upward supported by the Bollinger Bands middle band, with bulls and bears pulling back and forth. However, it's important to note that resistance around 74000 remains very pronounced, with multiple probes failing to break through effectively, indicating significant selling pressure in this area.

Therefore, the current structure shows strong bull momentum, but lacks true breakout energy. If price subsequently cannot break through the key 74000 resistance level, then the short-term rebound can only be viewed as a corrective move, and the overall directional bias remains bearish at higher levels.

Trading Reference:
Bitcoin 72900—73500 range can be considered for short positions
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