3.11 Wednesday MuFeng Morning Market Analysis

Bitcoin experienced a strong short-term rally yesterday, but it was primarily driven by emotional impulses, resulting in a pulse-like market movement. The key resistance level failed to be broken, and selling pressure above remains heavy.
This was especially evident on the four-hour chart, where the price quickly plunged after touching the upper band, with all gains from the bullish candles being wiped out. The bullish momentum came to an abrupt halt.
The market has shifted to a bearish dominant trend. The brief surge caused by external positive news cannot change the overall weak pattern.
After the market sentiment recedes, the bearish momentum will re-accumulate. The overall structure remains weak, and the rebound lacks sustainability—it's just a temporary correction during the decline. The downward trend is clear, and the bearish outlook remains unchanged.
Trading Suggestions:
Short directly at 70,500-71,000, targeting around 68,000-67,000. If it breaks below 65,000, further downside is expected.