3.11 Afternoon Bitcoin Outlook: 69,800 Range-Binding, Short-Term Rebound with a Focus on Short Selling

This morning, Bitcoin experienced a sharp rapid decline, and after the US stock market closed, the price hovered around 69,800 in a low-range sideways consolidation. The consolidation is still ongoing.

Looking back at the sharp drop in the early hours, the price directly broke below the middle line of the hourly chart, and this round of correction did not continue the previous intense tug-of-war between bulls and bears, but instead remained within a narrow range at low levels.

After a continuous rapid rise on Monday and Tuesday, the market faced increasing downward pressure, and the bullish momentum gradually weakened.

Therefore, the short-term direction is clear: after the consolidation ends, the price is likely to continue downward, and a rebound can be used as an opportunity to short.

Enter short positions in the 70,800-71,500 range, and watch for a pullback near 67,500#Gate蓝龙虾重磅上线