#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, the hourly MACD has formed a golden cross below the zero line and continues to increase in volume, with the fast line crossing above the zero level, showing that rebound momentum remains intact. The RSI has recovered from the oversold region to a position slightly above the neutral 50 level, not yet entering an overbought zone, suggesting there is still upside potential in the short term. On the moving average system, price has returned above the MA7 and MA14, attempting to challenge the MA30. If it can maintain support above 70,500 intraday and push MA7 to cross above MA14 to form a golden cross, the uptrend structure will be further solidified.

Overall, the early morning pullback-rebound represents an effective validation of key support. Given that the 70,000 level has been reclaimed, the short-term approach should focus on buying dips at pullbacks. Key attention should be on pullback confirmation opportunities in the 70,200-70,300 zone, while the upside target is first at 70,800-71,000. If volume can support a solid break above 71,000, this rebound from 69,500 is likely to extend to higher levels. #Gate13周年全球庆典