Bitcoin has currently completed stabilization at low levels near the 70,000 mark. Short-term downward momentum has clearly weakened, and the chart shows a reversal structure from falling to rising.
On the 4-hour timeframe, the moving averages are gradually flattening, with price trading back above the midline. RSI and MACD are simultaneously showing bottom reversal signals, bearish strength continues to diminish, and rebound momentum is gradually accumulating. The support is dense around 69,000 below with solid holding power. If this level holds effectively, rebound room opens up.
The first resistance level above is set at the 71,500-72,000 range. If it breaks through with moderate volume expansion, we can further look toward 72,500 and above. Overall, the evening is biased toward oscillating rebound thinking. Positioning long orders based on key support levels offers high cost-effectiveness.
Bitcoin: Pullback from 71,000 to 70,500 can head north First target: Around 72,000 Second target: 73,500 (cautious $BTC ) #Gate正式接入Polymarket $BTC
Evening Bitcoin Analysis (Wednesday)
Bitcoin has currently completed stabilization at low levels near the 70,000 mark. Short-term downward momentum has clearly weakened, and the chart shows a reversal structure from falling to rising.
On the 4-hour timeframe, the moving averages are gradually flattening, with price trading back above the midline. RSI and MACD are simultaneously showing bottom reversal signals, bearish strength continues to diminish, and rebound momentum is gradually accumulating. The support is dense around 69,000 below with solid holding power. If this level holds effectively, rebound room opens up.
The first resistance level above is set at the 71,500-72,000 range. If it breaks through with moderate volume expansion, we can further look toward 72,500 and above. Overall, the evening is biased toward oscillating rebound thinking. Positioning long orders based on key support levels offers high cost-effectiveness.
Bitcoin: Pullback from 71,000 to 70,500 can head north
First target: Around 72,000
Second target: 73,500 (cautious $BTC ) #Gate正式接入Polymarket $BTC