3.12 Evening Bitcoin Bullish Analysis

Bitcoin is currently experiencing minor fluctuations and pullbacks in the short term, but downside support is robust, with bulls gradually accumulating counterattack momentum. The overall bullish trend is clear. From a technical perspective, price is receiving strong support from the MA60 moving average, the Bollinger Band middle band support has not been substantially broken through, and the Bollinger Bands overall maintain a convergence and accumulation pattern. The KDJ indicator is in the oversold zone about to form a golden cross, short-term bearish selling pressure has been fully released, and the market has formed a bullish accumulation pattern of "retracement consolidation-indicator reversal-Bollinger contraction." The core support level below is 69100; once this level holds, the rebound will gradually strengthen. The primary target above looks toward 70800-71300, and after breaking through, there is potential for further upside.

Tonight at 20:30, the U.S. initial jobless claims for the week ending March 7 will be released, with the previous value at 213,000 and expectations at 215,000. If the data underperforms expectations (actual value < 215,000), it would reflect that the U.S. employment market remains resilient, market rate-cut expectations could warm up, the dollar index will come under pressure and weaken, which will directly benefit the crypto market and propel Bitcoin to initiate a rebound rally. Even if the data meets expectations, as current bearish momentum has been exhausted, Bitcoin will still achieve a recovery-driven rally supported by strong levels.

Trading Suggestion: Buy at 69000-69500, targets 70800-71400