Crypto Circle Mr. Coin: 3.6 Bitcoin (BTC)) Market Analysis Reference

Bitcoin's recent price action shows a sharp rise followed by a pullback, touching near the 74,000 level and facing resistance. The upward momentum has stalled, and the bulls are further weakening. Currently, the price is trading around the 71,000 level. There is a possibility of a retracement back to the 70,000 level within the day.

In the short term, a pullback signal is indicated, and the trend is leaning downward. On the 4-hour chart, recent candles show long upper shadows, clearly indicating significant selling pressure around the $74,000 mark. The DIF line has crossed below the DEA line, forming a death cross, and the price has successively broken below the EMA7 (71,731) and EMA30 (69,588) supports.

From the daily chart perspective, the market has closed lower for two consecutive days and has broken below the key support at 71,000, the previous day's low. Although the daily MACD histogram is shrinking, it remains below the zero line. Overall, the current price is testing the validity of the 120-day moving average (68,905) and the 70,000 integer level as key supports.

Mr. Coin predicts a possible retracement to test the support at the 70,000 level, so the strategy suggests mainly looking for rebounds to go long. Resistance is expected around 73,500, with support at 70,000 and 69,000 levels.

Short-term reference for 3.6 Bitcoin:
Range 73,800-74,800, with a stop at 76,500, a 500-point stop loss, targeting below 72,500, and between 70,000-69,000, aiming above 71,000, with a 500-point stop loss.