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Is Bitcoin hovering around the 70,000 level a bull return or a false signal?
Looking back at last night's trend, after the US stock market opened, Bitcoin directly dropped from around 70,900 to about 6,920 and then rebounded, once again surpassing 70,000. However, the daily chart still shows obvious resistance. Don't be fooled by the short-term rally; at least the top is still there, and the candlestick is still under pressure. Short-term resistance remains strong.
Tonight, there will be important CPI data, which is related to whether the Federal Reserve will cut interest rates. If the data is bearish for the crypto market, the Fed may delay rate cuts or even raise rates. So, tonight's data is very important.
BTC Trading Advice: Short at 70,600-71,000, with an 800-point stop. Target: break below 6,87 to see 6,81-6,74.