The 3,300-point pullback from $73,800 to $70,500 early this morning may appear fierce, but from a technical structure perspective, it looks more like a normal profit-taking correction following a breakthrough of historical highs, rather than a reversal of the trend. The current price is stable around $70,900, which is a very positive signal indicating that the market's absorption capacity remains strong.

From key levels, the $70,500-$70,900 zone is a critical area where previous resistance has turned into support. After testing the low of $70,500 this morning, the price quickly rebounded, which perfectly validates the support strength of this zone. As long as the price holds above the $70,000 psychological level, the short-term upward structure remains intact. From the four-hour timeframe, this "higher highs, higher lows" pattern, combined with the volume characteristics showing no expansion during the decline but rather volume contraction stabilization at low levels, are all typical bullish correction structures. This indicates good chip locking in the market with no panic selling.

The focus going forward is on the recovery of the $71,200-$71,500 range. If the hourly chart can firmly stabilize above this zone, it signals the end of the adjustment and potential for another attack on the previous highs of $73,200-$73,800. The defense line below is set at $70,000-$70,500. As long as there is no effective break below, the major direction remains bullish, and there's no need to abandon bull conviction over a one-sided 3,300-point decline. #Gate广场AI测评官 $BTC