3.12 Evening Bitcoin Bullish Analysis

Bitcoin is currently experiencing minor short-term fluctuations and pullbacks, but support below remains strong with bullish momentum gradually accumulating. The overall uptrend is clearly bullish. From a technical perspective, price is gaining strong support from the MA60 moving average, with the Bollinger Band middle band support not substantially breached. The Bollinger Bands overall maintain a narrowing consolidation pattern. The KDJ indicator is in the oversold zone about to form a golden cross, with short-term selling pressure fully released. The chart shows a bullish accumulation pattern of "retest stabilization-indicator reversal-Bollinger compression." The core support below is 69100; once this level holds, the rebound will gradually strengthen. The primary target above is 69800-71300, with potential for further upside after a breakthrough.

Today at 20:30, the US initial jobless claims for the week ending March 7 will be released. Previous value: 213,000, Forecast: 215,000. If data misses expectations (actual < 215,000), reflecting a robust US labor market, market rate cut expectations may improve, the US dollar index will face downward pressure, directly benefiting the crypto market and driving Bitcoin into a rebound trend. Even if data meets expectations, current bearish momentum has been exhausted, and Bitcoin will still execute a corrective rally supported by strong support levels.

Trading Suggestion: Go long at 69000-69500, Target 70800-71400