3.10 Afternoon Bitcoin Analysis

From the 1-hour chart, Bitcoin surged to 70,578 in the morning session but failed to hold above the 70,000 level. In the afternoon, it gradually retreated, with the current price at 69,750. The bullish momentum is clearly weakening. After quickly rising from a low of 68,179, the price has repeatedly formed small bullish candles with long upper shadows and doji stars at higher levels, indicating heavy selling pressure above 70,000. The bulls are losing steam, and a typical pattern of a quick rise followed by a pullback and profit-taking has emerged. Although the current price remains above the MA7 (69,727), the moving average slope is flattening. If the price falls below the MA7 support in the afternoon, it will further confirm a short-term top signal, with support levels at 69,500, 69,000, and even near the MA30 (68,468).

After a rapid rally, the market has entered a profit-taking phase. The psychological resistance at 70,000 combined with short-term capital battles makes it more likely to trigger a stampede-style correction after high-level oscillation. The bearish forces are gradually accumulating.

Trading suggestion: 70,300-70,800 range, target 68,300-68,800.

This suggestion is for reference only; please make decisions based on your own judgment!