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3.11 Morning Analysis
The price surged to 71777 and then fell back sharply from the high, effectively breaking below the MA7 (70066) short-term moving average. The bullish momentum has clearly weakened, and a bearish trend is gradually taking hold. Currently, the price is consolidating around the MA30 (69963). If it loses this level, it will further test the key support at 69500, and possibly retest the previous low of 69103.
Recently, U.S. macroeconomic data has continued to lean hawkish, pushing market expectations for Fed rate cuts further back. Coupled with the volatility and weakness in the U.S. stock market, risk aversion in the crypto market has rapidly increased. Profits at high levels are continuously being taken off, further suppressing the rebound potential of Bitcoin.
Trading suggestion: A rebound to 70300–70800, with targets at 68300–68800.$BTC $GT