Crypto Circle Mr. Coin: 3.7 Bitcoin (BTC)) Market Analysis Reference

Bitcoin continued to face pressure at the 94,000 level after the previous day and quickly retraced. Yesterday, it failed to rebound and declined again. The daily chart shows two days of bullish closes, with the price already retraced to near the middle Bollinger support level. Currently, it is trading around 68,000. The intra-day rebound is weak; if the rebound cannot break through the 70,000 resistance, there is still a risk of further decline. Please be prepared in advance.

From a technical perspective, the current market shows a high-level retracement trend. On the 4-hour chart, the price has fallen from around 74,000 to 68,000, forming a short-term downward channel. Although it tested the support near the previous low of 67,744, the 67,000 level has not been effectively broken. On the daily chart, after forming a long lower shadow bullish candle on March 4, it has closed lower for two consecutive days, indicating a high-level oscillation structure. The 69,000 USD mark has become the current dividing line between bulls and bears.

From the indicators, the 4-hour MACD has formed a death cross and continues to decline, with the MACD histogram expanding to -1074, indicating increasing short-term bearish momentum. On the daily chart, after showing a bearish divergence signal, it has entered a retracement phase. Regarding moving averages, the 4-hour EMA7 (69,802) has crossed below the EMA30 (69,662), forming a short-term bearish alignment. Mr. Coin suggests a short-term rebound trading strategy.

Resistance above is around 69,000-70,000.

Short-term reference for 3.7 Bitcoin:
Range 70,500-69,500, with a stop at 73,500, and a 500-point stop loss. Target below 68,500, in the 66,000-67,000 range, with a target above 68,000, and a 500-point stop loss.