3.24 Morning Analysis

Bitcoin started its upward move from 67,469.90, reached a high of 71,787.80, and then entered a high-level pullback. The current price is oscillating around 70,549. Short-term upward momentum has significantly weakened, with bearish engulfing patterns at the highs and small-bodied star lines indicating intensified battle between bulls and bears. The moving average system remains in a bullish alignment, and the medium-term trend has not been broken, but the short-term moving averages have turned downward, with the price trading below the short-term moving averages. Regarding technical indicators, oscillators have retreated from the overbought zone back to neutral and then turned upward at lower levels, indicating a technical rebound may be needed after short-term oversold conditions. Key support levels are at 70,000-70,300, with resistance at 71,000-71,787.80. Operationally, it is recommended to wait for a breakout in either direction. If support holds, consider light long positions; if broken, follow the trend with short positions. Strictly control position sizes and stop-loss levels.

Operation suggestion: Short at 71,000-71,500, target 69,000-69,500.