On Thursday, 3.12, Bitcoin shows no strength to move higher, and the rebound continues to be short.

Yesterday, Bitcoin continued to fluctuate, and in the evening, influenced by CPI data, it rose again to the 71,300 area, but failed to stabilize effectively. The market ultimately moved downward, currently trading around 69,900. The high short-selling strategy suggested yesterday remains in place after capturing two rounds of decline. Short-term upward momentum is blocked; intra-day rebound continues to be short.

The hourly Bollinger Bands are gradually narrowing, with the price encountering resistance at 71,320 and pulling back. There is significant selling pressure above 71,500. The daily chart shows three consecutive bullish candles, but the gains are narrowing, and upward momentum has slowed. Currently, the 1-hour chart is oscillating between 69,500 and 71,150. The 4-hour MACD shows a death cross, but the support from EMA7 and the 30-day moving average remains, so the pullback is limited. Resistance above is around 71,500, with support at 68,500–69,000. Wait for a clear breakout before following the trend.

Thursday morning, the recommendation is to short Bitcoin at 70,500–71,000, targeting the 69,000–67,000 area.

The above is just my personal opinion. All viewers are welcome to discuss! Investment involves risks; please trade cautiously. There are no shortcuts in trading—don’t seek overnight riches. Steady and prudent trading is the way to go. Wishing everyone smooth trading!