3.24 Morning Analysis

Bitcoin initiated an uptrend from 67469.90, reached a high of 71787.80, and then entered a pullback at higher levels, with the current price oscillating around 70549. Short-term upward momentum has significantly diminished, and the combination of a high bearish engulfing candle and small real body star line indicates intensifying long-short competition. The moving average system still maintains a bullish alignment, with the mid-term trend intact, but short-term moving averages have turned downward with price trading below short-term averages. From a technical indicators perspective, the oscillating indicator has pulled back from the overbought zone to neutral and then turned upward from lower levels, suggesting a technical rebound demand after short-term oversold conditions. Key support levels are at 70000-70300, resistance levels at 71000-71787.80. Operationally, it is recommended to wait for a directional breakout, lighten long positions if support holds, and follow through with short positions if broken, with strict position sizing and stop-loss control.

Operation Suggestion: Short at 71000-71500, Target 69000-69500.$BTC $GT $ETH