Analysis of Bitcoin Market on the Afternoon of April 8

Prices have surged continuously, with the short-term overbought condition severe. The deviation from the MA7 moving average exceeds 1,000 points, indicating a strong need for a pullback to test the moving average;
The MACD red histogram has significantly shrunk, and the DIF line is flat at high levels. The bullish momentum is rapidly waning, and a correction could occur at any time;
There is heavy selling pressure in the 72,000-73,000 range at high levels, making a breakout difficult and prone to a quick pullback after a spike.
Trading volume has contracted, and buying support has weakened: current oscillation volume is far below the volume during upward moves, indicating insufficient capital support. Profit-taking at high levels is likely to trigger a pullback.
Trading Suggestions:
If the price effectively breaks below 70,600 and fails to rebound, go short with the target of 69,900–69,200. Stop-loss at 71,050$BTC