Bitcoin has quickly fallen from the recent high of 74,046 and is currently consolidating around 70,730. A short-term support has formed near 70,600.

Due to the ongoing high interest rate environment maintained by the Federal Reserve, the failure of the March rate cut expectation, and the overall pressure on the crypto market, the long-term positive factors such as the advancement of the US crypto legislation and the stable license issuance in Hong Kong still provide bottom support for the market.

From the recent high of 74,046, the price has dropped rapidly, forming consecutive bearish candles, indicating a short-term downward trend. A clear support level has formed near 70,600. If this level is effectively broken, the next support could be around 68,000. Resistance is at approximately 74,000. The key support is near 70,600, but recent support has been relatively strong, so it may be a good opportunity to go long at lower levels.

Recommendation: Look for a buy near 68,500, and after a break below 72,000, sell half and continue to watch for a breakout above 73,500.