3.6 Morning Analysis

Bitcoin is currently in a clear bearish trend. The short-term moving average MA7 has crossed below the long-term moving average MA30, forming a death cross. The price continues to operate below the dual moving averages, indicating a bearish alignment in the moving average system, creating strong resistance.

After breaking below the key support level of 72,000, the price dipped to a low of 70,612.8. The previous support has now turned into resistance, limiting the rebound potential. Recently, the K-line has shown consecutive large bearish candles, indicating weak rebound strength. The small real bodies of the bullish candles lack sustainability, and bearish momentum dominates. Rebounds are met with immediate resistance and pullback.

On the 1-hour chart, a clear downward channel is visible, with higher highs gradually decreasing and lower lows continuously refreshing, showing no signs of trend reversal. The area between 72,000 and 72,500 is a strong resistance zone. If the rebound cannot break through this range, the downward trend is likely to continue. Support is expected at the 70,000 level.

Trading suggestion: 71,600-72,100 range, with targets at 69,600-70,100.