# 3.21 Morning Analysis

The Federal Reserve maintains its hawkish stance with delayed rate cut expectations, and tightening liquidity is suppressing risk appetite. Middle East conflicts are pushing oil prices higher, intensifying stagflation concerns, and the overall market is in a de-risking mode. Bitcoin has rebounded to around 70,500 but is facing resistance, showing pullback after a spike on the 1-hour timeframe with bearish moving average alignment. The near-term movement is merely a consolidation correction. If the 70,000 support level breaks, the downtrend will continue. Watch for a breakdown at the 69,350 level below, with operations focused on selling rebounds and strict risk control.

**Trading Recommendation:** Short at 71,000-71,500, target 69,000-69,500.