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3.20 Morning Analysis
From the 1-hour trend, the price has opened a unilateral decline from the 74246 high point and is currently pressured below the purple, cyan, and yellow moving averages. The moving averages show a bearish arrangement, and the short-term downtrend remains unchanged.
Recent rebound highs are gradually decreasing, with significant selling pressure around 71000. Bulls have failed multiple times in their counterattack attempts, with weak rebound strength and no effective reversal signals formed.
Current price support near 70179 is weak, with the key support at 68750 below being tested multiple times. If the rebound lacks strength and breaks down again, it will open further downside space. Market bearish sentiment continues to accumulate, making it more likely for weakness to persist in the short term. Shorting on rallies is the more optimal strategy currently.
Operation Suggestion: Short 70600-71000, Target 69600-69000.$BTC $GT