The early morning pullback of 3,300 points from $73,800 to $70,500, while appearing fierce, looks more like normal profit-taking following a breakout above historical highs from a technical structure perspective, rather than a trend reversal. The current price is stabilizing around $70,900, which is a very positive signal indicating that market absorption remains strong.

Looking at key levels, the $70,500-$70,900 zone is a critical area that has transitioned from previous resistance to support. After testing the low of $70,500 this morning, price quickly rebounded, which validates the support strength in this zone. As long as price holds above the $70,000 psychological level, the short-term uptrend structure remains intact. From the 4-hour timeframe, this pattern of "higher highs and higher lows" combined with the volume characteristics during declines—where volume didn't increase and instead showed volume compression at lower levels—are all typical of a bull market pullback structure. This indicates good chip consolidation with no panic selling.

The focus going forward is on reclaiming the $71,200-$71,500 level. If the hourly chart can reestablish above this zone, it signals the correction is complete and could lead to another attempt at the prior highs of $73,200-$73,800. The defense line below is set at $70,000-$70,500. As long as there's no effective break below, the major direction remains bullish, and there's no need to abandon bullish conviction over a single 3,300-point decline. #Gate广场AI测评官 $BTC