Breaking! Bitcoin at the 71,000 level is at a critical juncture, tonight's Non-Farm Payrolls report is key

Last night, the 1-hour chart for Bitcoin showed the yellow and white lines dropping below zero, accompanied by shrinking volume. Meanwhile, whales aggressively dumped 1816 BTC. The situation in the Middle East also suddenly escalated, raising the question of whether the 71,000 level can hold.

On the news front, triple negative factors hit the market, causing near-collapse of market sentiment. First, on-chain data shows 1816 BTC transferred to Coinbase Institutional, indicating potential selling pressure. In the past hour, the entire network experienced liquidations of $49.82 million, severely impacting longs. Second, Iran in the Middle East launched widespread strikes against US and Israeli targets, LNG freight rates soared, and risk aversion increased. The US dollar index strengthened to 99.3, exerting a bloodsucking effect on Bitcoin. Third, negotiations on the CLARITY Act stalled, with banks opposing stablecoin yield clauses. VanEck’s Bitcoin ETF saw outflows of $8.6 million today, institutional funds are withdrawing, and the Fear & Greed Index dropped to 18, indicating extreme fear in the market.

Technically, bears are in control. After peaking at 74,046.5 on March 5, the K-line continued to close lower, forming a "Evening Star" pattern, signaling a short-term correction. The MA5 crossed below MA10 and turned downward. On March 6, volume shrank, showing divergence between price and volume. The MACD indicator suggests short-term dominance by bears. The 71,200 level is a critical support/resistance point; if it cannot be broken, a second bottom may occur.

In terms of trading strategy, short-term traders can consider light short positions on rebounds between 71,257 and 71,305, with targets around 71,000 and a stop loss at 71,450. For medium-term positions, if the price drops to 70,000–69,500, consider building long positions gradually, with targets around 71,000–71,300 and a stop loss at 69,400.

Personally, I believe the short-term outlook is bearish, as whales continue to sell and panic spreads. Major players are unlikely to push prices up at this moment. In the medium term, institutions are accumulating at low prices, and the long-term trend remains unchanged. After a decline, a rebound may occur around 70,000. Do not let panic influence your decisions; staying calm and operating rationally is the key to seizing market opportunities. $BTC