Its strength is clearly visible! 71700, 2080's Kong dropped to a minimum of 69000, 2007! 2700 points and 70 points, this is comfort! #Gate蓝龙虾重磅上线 #伊朗在霍尔木兹海峡布设水雷 #原油价格回落

Bitcoin once again tests the 69500 level. Yesterday's daily chart closed with a doji and a small bullish candle, indicating increased indecision and struggle. Both the upper and lower sides face strong resistance. The four-hour timeframe shows a decreasing volume of consecutive bearish candles, indicating weak momentum and limited continuation. The Bollinger Bands remain parallel and diverging upward, with the middle band still providing effective support. Friends who haven't entered the market yet can consider setting up a buy order at the current price of 69500, with proper stop-loss placement and ready to push forward. $BTC

Currently, the price of Bitcoin has fallen below the middle band of the Bollinger Bands around 70,200 and has dipped to the lower band near 69,500. In the short term, bears are dominant, indicating a retracement phase from a high level. This is mainly due to the Federal Reserve maintaining high interest rates and delaying rate cut expectations, leading to tightening dollar liquidity. Funds are flowing out of high-risk assets like Bitcoin and into safer assets such as US Treasuries and gold. Simply put, the market is experiencing a liquidity crunch, and the first to be cut are the volatile assets. Additionally, the market generally has high leverage of 50-125x, so small price declines trigger margin calls and forced liquidations. This passive liquidation causes further declines, creating a vicious cycle of forced selling and margin calls, sharply amplifying short-term drops. Recommendation: Short around 69,900 targeting 68,000 with a stop-loss near 70,500.