【70k Life and Death Line! Will Bitcoin Rebound or Crash?】
As international turmoil shifts, we are at the mercy of our wallets...
After Bitcoin experienced a slight pullback and continued upward as expected, it was shattered by unfavorable first-round talks between the U.S. and Iran, with the Strait of Hormuz being blocked from both ends, a negative factor. It once again retreated to the critical support level around 70k, teetering on the edge.
From an external environment perspective, since the negotiations have become more uncertain, we can only continue to conservatively project the market’s development.
Currently, the support around the 70k level is quite resilient. Structurally, this rebound hasn't fully played out; it's just that circumstances are stronger than expectations. There are many examples where short-term trends change due to news, and there's nothing we can do about it.
Because the rebound isn't complete, there hasn't been a direct decline here; instead, a consolidation around 70k has been chosen.
At this moment, the smaller time frame looks relatively healthy, with a divergence on the one-hour chart and a small double bottom appearing. Therefore, we still expect a rebound, but the upside potential isn't as high as before.
The target has shifted from the previous 78,000 flag pattern top to around 74,000, which is the top of the range, also coinciding with the four-hour CME data gap. Overlapping these factors creates significant resistance. Unless there are new developments in the U.S.-Iran negotiations, upward momentum will be hard to sustain.
If the negotiations go smoothly, we can look higher again later.
Looking ahead, to analyze more precisely, we consider the range from 69,600 to 70,400 as a critical zone. A significant break below this would likely mean the end of this rebound and a resumption of the downtrend, which we must watch out for.
Breaking through this zone could accelerate the decline toward 64,000. The support here is limited, and ultimately, it may break below 60k, waiting for an entry opportunity in the 57,000 to 58,000 range!
#美军封锁霍尔木兹海峡 $BTC #BTC走势分析 $GIGGLE
As international turmoil shifts, we are at the mercy of our wallets...
After Bitcoin experienced a slight pullback and continued upward as expected, it was shattered by unfavorable first-round talks between the U.S. and Iran, with the Strait of Hormuz being blocked from both ends, a negative factor. It once again retreated to the critical support level around 70k, teetering on the edge.
From an external environment perspective, since the negotiations have become more uncertain, we can only continue to conservatively project the market’s development.
Currently, the support around the 70k level is quite resilient. Structurally, this rebound hasn't fully played out; it's just that circumstances are stronger than expectations. There are many examples where short-term trends change due to news, and there's nothing we can do about it.
Because the rebound isn't complete, there hasn't been a direct decline here; instead, a consolidation around 70k has been chosen.
At this moment, the smaller time frame looks relatively healthy, with a divergence on the one-hour chart and a small double bottom appearing. Therefore, we still expect a rebound, but the upside potential isn't as high as before.
The target has shifted from the previous 78,000 flag pattern top to around 74,000, which is the top of the range, also coinciding with the four-hour CME data gap. Overlapping these factors creates significant resistance. Unless there are new developments in the U.S.-Iran negotiations, upward momentum will be hard to sustain.
If the negotiations go smoothly, we can look higher again later.
Looking ahead, to analyze more precisely, we consider the range from 69,600 to 70,400 as a critical zone. A significant break below this would likely mean the end of this rebound and a resumption of the downtrend, which we must watch out for.
Breaking through this zone could accelerate the decline toward 64,000. The support here is limited, and ultimately, it may break below 60k, waiting for an entry opportunity in the 57,000 to 58,000 range!
#美军封锁霍尔木兹海峡 $BTC #BTC走势分析 $GIGGLE
