Morning Bitcoin showed a ladder-like uptrend, gaining support at the 69700 level followed by a rebound that pulled up to around 70700, with a rebound amplitude of nearly 1000 points. Our morning strategy accurately captured this rebound, with the 69800 long position successfully taking profit at 70700. Currently, the price has pulled back slightly and is trading around 70400, with short-term rebound momentum weakening.

From the 4-hour level, although a rebound appeared in the morning, the overall trend remains within a downtrend channel. The 70700 area is precisely the key support level that was previously broken, and has now transformed into a resistance zone. After price reached this position, it failed to break further and instead declined, indicating heavy selling pressure from above. From a volume perspective, the rebound phase did not show a significant increase in trading volume, representing a volume contraction rebound, which typically signals a continuation of the downtrend. Additionally, the moving average system shows bearish alignment, with MA30 crossing below MA60 to form a death cross, showing clear short-term suppression.

The current rebound is approaching the resistance zone, with high risk in chasing longs. We suggest a primarily short-biased approach. Watch the suppression situation in the 70700-71000 area above; if price rebounds into this range and faces resistance, consider establishing light short positions targeting the 69800-70000 support zone. If price breaks below 70000 again, downside space will further open up. For long positions, we suggest waiting and reconsidering after pulling back near support levels. #Gate13周年全球庆典 $BTC