$BTC 3.24 Midday Bitcoin Ethereum Market Analysis and Trading Suggestions

Last night's rally looked impressive at first glance, but upon closer inspection, it revealed weakness: Price touched around 72000 but couldn't advance further. The K-line bodies kept shrinking while upper wicks kept extending. This pattern is a classic signal of momentum exhaustion. The bulls have essentially played out their hand in this wave without effectively breaking through key resistance levels. Without new catalysts, it will be difficult to mount another strong offensive.

From a rhythm perspective, the biggest problem with this rebound is the "rapid rise, gradual pullback" pattern—the rallies appear fierce but lack sustainability, often stalling into consolidation after a single bullish candle. This structure itself tends to accumulate pullback pressure, because once the chasing capital realizes there's no profit, sentiment becomes shaky, and the flip from long to short can happen in an instant.

The reason 72000 is a critical level: first, it's a technical resistance from previous highs; second, it's a psychological level. Bulls have charged up to this point twice and been pushed back both times, leaving a toll on morale. Currently, the chart shows signs of stagnation, and hourly divergence is quite apparent. A pullback early in the session is a high-probability event.

Operationally, shorting at this level makes solid sense—it aligns with the short-term momentum exhaustion direction while catching resistance confirmation. After entry, there's no need to overthink it; this market isn't a clean one-way decline but rather shock-driven correction. Just wait patiently. Below, first watch the support at 70000. If that breaks, the downside will further open toward 70000 nearby.

Bitcoin can short around 71000, targeting 69000
Ethereum can short around 2160, targeting 2050#Gate13周年全球庆典