3.4 Bitcoin Morning Analysis

Bitcoin retreated after rebounding to 68,972.9. Although there was a brief recovery, the moving average system has formed a death cross and is exerting downward pressure. The MA7 and MA30 are continuously diverging downward. The current rebound to the moving averages faces resistance, and bullish momentum is clearly insufficient.

From a structural perspective, the trading volume did not effectively increase during the rebound. The candlesticks repeatedly surged and fell back, with dense upper shadows indicating heavy selling pressure in the 68,500-68,900 range. The recent high of 68,972.9 has become a strong resistance. The 68,000 level below is a recent consolidation zone; if it is broken, it will trigger technical sell-offs, with further support expected in the 67,000-66,500 range. If the previous low at 66,080 is broken, the bearish trend will be confirmed.

Trading suggestion: Range between 68,900-68,400, with targets at 67,100-67,600.