Morning analysis shows Bitcoin exhibiting a step-by-step upward trend. After finding support at the 69700 level, price rebounded and rallied to near 70700, with a rebound amplitude of approximately 1000 points. Our morning strategy successfully captured this wave of rebound, with 69800 long positions closing profitably at the 70700 level. Currently, price has pulled back and is trading near 70400, with short-term rebound momentum weakening.

From the 4-hour timeframe perspective, although a rebound occurred this morning, price remains overall within a downtrend channel. The 70700 level represents a key support that was previously broken and has now transformed into a resistance zone. After price touched this level, it failed to break further and instead declined, indicating that overhead selling pressure remains significant. In terms of volume, the rebound phase did not show a notable increase in trading volume, representing a volume contraction rebound—a pattern that often signals a continuation of the downtrend. Additionally, the moving average system displays bearish alignment, with MA30 crossing below MA60 to form a death cross, exerting notable short-term pressure.

The current rebound is approaching the resistance zone, making chasing longs relatively risky. The recommendation is to adopt a short bias strategy. Pay attention to the pressure levels in the 70700-71000 area. If price rebounds into this zone and faces resistance, consider establishing short positions with light position sizing, targeting the 69800-70000 support zone. Should price break below 70000 again, downside potential will further expand. Long positions are recommended on hold, awaiting a pullback to support levels before reconsidering. #Gate13周年全球庆典 $BTC