2.9 Big Brother Intraday

After reaching the high of 72272, it quickly pulled back. The long upper shadow highlights the exhaustion of bullish momentum. The price has broken below the short-term moving average MA7 and repeatedly faced resistance in the 71000-71500 range. The selling pressure above is significant. If it cannot effectively recover the 71000 level, the risk of breaking below the 70000 key support will greatly increase.

On the macro level, strong US economic data has delayed expectations of Federal Reserve rate cuts. The rise in US Treasury yields and the US dollar together have suppressed risk assets; with the 2026 election approaching, partisan disagreements over cryptocurrency regulation have increased policy uncertainty. Coupled with escalating conflicts in the Red Sea and the Middle East, funds continue to shift from risk assets to safe-haven assets like gold. Under multiple negative factors, the market remains under significant pressure.

Recommendation: Watch around 71100-71600, with targets at 69100 and 68100.