The current price is trading weakly around 70762, having broken below short-term moving average support. The 71000-71100 zone above forms a strong resistance band, with failed rebound attempts. Short-cycle moving averages have turned downward, while medium to long-term moving averages remain at elevated levels exerting pressure. The moving average formation is gradually transitioning to a bearish alignment, with the trend biased downward. The 70488-70500 zone below serves as key near-term support; an effective break below will open further downside space, with targets toward the 70000 round level. Rebound volume remains insufficient, bullish momentum is waning, market sentiment is cautiously bearish. It is recommended to establish short positions on rallies.
Operating Recommendation: Short 71400-71900, Target 69400-70000.
Bitcoin Afternoon Analysis:
The current price is trading weakly around 70762, having broken below short-term moving average support. The 71000-71100 zone above forms a strong resistance band, with failed rebound attempts. Short-cycle moving averages have turned downward, while medium to long-term moving averages remain at elevated levels exerting pressure. The moving average formation is gradually transitioning to a bearish alignment, with the trend biased downward. The 70488-70500 zone below serves as key near-term support; an effective break below will open further downside space, with targets toward the 70000 round level. Rebound volume remains insufficient, bullish momentum is waning, market sentiment is cautiously bearish. It is recommended to establish short positions on rallies.
Operating Recommendation: Short 71400-71900, Target 69400-70000.
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