March 2nd Morning Analysis of Bitcoin

From the 1-hour chart, Bitcoin's MA7 has crossed below MA30 to form a death cross, and the price continues to trade below the dual moving averages, creating strong resistance; at the same time, the price broke below the previous key support level of 66,000, with very weak rebound strength. The highs are gradually declining, indicating a clear bearish trend. Recently, the candlesticks are mainly long bearish candles with small bullish rebound bodies, further confirming the lack of buying momentum and the dominance of the bears in the market.

Multiple negative news factors have further reinforced this logic: U.S. and Israel's actions against Iran have escalated the situation, safe-haven funds have flowed into gold and crude oil, and Bitcoin's short-term rebound after a sharp drop has been weak; Federal Reserve rate cut expectations have been delayed until July, with high interest rates continuing to suppress risk asset valuations; Bitcoin has already fallen over 23% in Q1, marking the worst start in years. Whale Strategy's quarterly loss of 12.4 billion has accelerated exits, and deleveraging pressure from mining companies persists; South Africa has implemented the strictest crypto tax regulations, leading to short-term capital outflows and increased volatility.

Trading suggestion: Buy at 66,200-66,700, target 64,200-64,700.