3.24 Morning Analysis

Bitcoin has risen from 67,469 and reached a high of 71,787.80 before entering a high-level pullback, currently oscillating around 70,549. Short-term upward momentum has significantly weakened, with a bearish engulfing pattern combined with small real body doji candles, and the battle between bulls and bears continues to intensify.

The moving average system remains in a bullish alignment, and the medium-term trend has not been broken, but short-term moving averages have turned downward, and the price is now trading below the short-term moving averages. Oscillation indicators have pulled back from the overbought zone to neutral and then turned upward at lower levels, indicating a technical rebound is needed after short-term oversold conditions.

Trading strategy: Wait for a breakout in the direction. If support is maintained, consider entering long positions with small size; if broken, follow through with short positions, strictly controlling position size and stops.

Trading recommendation: Short in the 71,200–71,700 range, in batches. First target 69,500, second target 69,000 → 68,500 → 67,000.