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April 18 Morning Analysis
After Bitcoin experienced a strong rally yesterday, the market shows a sharp short-term decline, with the price quickly dropping from the high of 77,477.1. Currently, it is at 76,931.4, breaking below the middle band of the Bollinger Bands and operating below the lower band, indicating a clear bearish trend. The candlestick chart shows consecutive bearish candles, with obvious volume-driven downward movement, and the short-term bulls have no resistance.
Against the backdrop of sustained high interest rates by the Federal Reserve and a strengthening US dollar index, short-term profit-taking and selling pressure have intensified. Coupled with technical breakdowns, the short-term bears are favored, and the market is likely to continue weak sideways and downward movement.
Trading suggestion: 77,500-78,000 range, target 75,500-76,000.