Bitcoin remains within the range overall, and resistance around 71,000 is still bearish!

Since the sharp decline in February to the low of around 60,000 and the subsequent rebound correction, the long-term side has been in a range of over a month, oscillating and correcting around 10,000 points. The overall bullish pattern has been largely digested, and multiple resistance attempts have indicated strong overhead pressure. The dual resistance at 71,200/74,000 means that if these levels are not broken, the market will continue to be bearish in the future!

From the 4-hour chart, after spiking to around 71,300 early this morning, the price faced resistance and fell back. The short-term upward momentum has diminished, and it’s clear that the price has been hovering around the MA240 moving average, which acts as resistance. Even if a breakout occurs, it will likely slow down and decline, so trading around the moving average is advisable.

Ethereum’s overall rhythm is synchronized with Bitcoin. Currently, focus on shorting above the MA240, as the trend remains weak. The outlook remains bearish!

For Bitcoin, consider short positions near 70,500 and 71,300, with targets at 68,000 and 66,000.

For Ethereum, consider short positions near 2,060 and 2,120, with targets at 1,950 and 1,880.