Morning market overview maintains a narrow range oscillation pattern overall. Bitcoin is primarily trading within the $70,300 to $71,200 range, with the high capped at $71,200 and the low testing the $70,300 support level multiple times with validity confirmed. Ethereum consolidates in sync, with price fluctuations locked between $2,050 and $2,090. As of now, Bitcoin has slightly recovered to around $70,900, but overall volatility remains low, with the market in a wait-and-see phase before direction selection.

From a technical structure perspective, while the current price has rebounded to the $70,900 level, the $71,200-$71,500 region above remains a strong resistance barrier difficult to overcome in the near term. This zone has suppressed price rallies multiple times over the past weeks, forming a daily-level supply zone. On-chain data shows the profit ratio of short-term holders continues to decline, and the CMF indicator shows bearish divergence with price, indicating capital outflow. Additionally, Ethereum is simultaneously blocked at the $2,120 resistance level; failure to break above could further dampen market sentiment. Overall, technical indicators lean bearish, rally momentum is exhausted, and short-term pullback risks are accumulating.

Operationally, it is recommended to adopt a net short bias. Focus on the $71,200-$71,500 resistance zone above. If the rally reaches this zone and shows signs of stalled gains or minor pullback, consider establishing short positions with light positions, targeting the $70,300 support level first; if broken, further target around $69,800. Stop loss can be set above $71,800 to prevent false breakout risks. During the day, closely monitor whether price can hold firm at the $70,300 level. If it continues under pressure below $71,200, the bearish advantage will be further consolidated. #Gate广场AI测评官 $BTC