#BTC Early morning, Bitcoin broke below the 70,000 level and touched a low around 69,500, but failed to form an effective breakdown. Instead, it reversed in a U-shape and quickly pulled back to the 70,500 area. This long-lower-wick structure is a typical false breakout signal at the hourly level. The bears attempted to break through but couldn't maintain their gains; instead, they were pushed back by the bulls, indicating strong buying support near 69,500. The 70,000 level has now converted from its previous resistance role to a short-term support level.
From a technical indicator perspective