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4.9 Bitcoin Morning Analysis
Bitcoin, in the 1-hour timeframe, surged to 72876 and then fell sharply, breaking below the Bollinger middle band; bullish momentum has exhausted. The news flow remains consistently light, with the market lacking positive catalysts to drive it up. Trading funds are in a strong wait-and-see mood, and buying pressure is insufficient. The current price is weakly rebounding back to the middle band and facing pressure; the Bollinger Bands have narrowed and flattened, with 72046 acting as strong resistance on the upper band and 70989 as weak support on the lower band. Overall, the market trend favors bears. With no positive news support, the rebound is unlikely to have strength and downward movement may continue easily. In the short term, follow the trend to stay bearish, and be alert to further pullbacks after a breakdown of the lower band.
Trading suggestion: 71900-72400, target 69900-70400.
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