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3.20 Morning Analysis
From the 1-hour chart, prices have initiated a unilateral decline from the 74246 high and are currently pressured below the purple, cyan, and yellow moving averages. The moving averages are in bearish alignment, and the short-term downtrend remains unchanged.
Recent rebound highs are progressively declining, with significant selling pressure near 71000. Bulls have failed multiple counterattack attempts with weak rebound momentum, failing to form valid reversal signals.
Current price support near 70179 is weak. The key support level at 68750 below has been tested multiple times. If rebounds lack strength and break below again, it will open further downside space. Market bearish sentiment continues to accumulate, making the short-term more prone to continued weakness. Selling on rallies is the more optimal strategy at present.
Trading Suggestion: Short 70600-71000, target 69600-69000.$BTC $GT