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April 29 Morning Bitcoin Market Outlook
Bitcoin surged yesterday but faced resistance and pulled back, with a deep plunge after hitting the high point, bottoming out near 76,400.
A slight weak rebound occurred at the low, currently consolidating around 77,100.
The rebound momentum is weak, with insufficient bullish support, and bears have been dominating the market throughout. The trend has not reversed; it remains a pattern of rebound pressure leading to weakness.
In the morning, the strategy is mainly to short high during rebounds, with only very short-term light long positions at the lows for speculative trading.
Short-term rebound momentum is exhausted, with ample selling pressure above.
The risk of chasing gains at high levels is high, and a second decline and retest of lows is highly probable.
Trading Suggestions
Short at the 77,650-78,050 rebound zone, with the first target at 76,600, and a break below to 76,100.