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3.18 Wednesday Morning Bitcoin Latest Analysis – Bull Rally Lacks Strength, First Watch for Pullback
Following yesterday's surge and pullback, Bitcoin's short-term rally shows no significant rebound strength. After a sharp decline near 73,300 last night, the rebound around 74,800 faced resistance and pulled back. Multiple attempts to push higher around midnight also failed to break through this level, indicating short-term bullish weakness.
On the daily chart, Bitcoin peaked after a rally and then turned bearish with a pullback, ending the previous streak of consecutive bullish candles. The strong upward momentum has come to a halt. Additionally, the KDJ indicator below shows overbought conditions with clear signs of a reversal, suggesting the overall trend remains bearish. On smaller timeframes, the rebound momentum is weak, and blindly chasing longs risks getting caught at the top. This morning, the focus is on a potential pullback.
In the morning, Bitcoin is referenced around 74,300 and 74,800 for short positions, with targets down to the 72,500–71,500 zone. If the price does not continue downward, consider going long. $BTC