Friday, May 29th BTC Early Thoughts

The morning market continued the weak volatility after the sharp decline in the early hours, affected by the sudden escalation of the US-Iran geopolitical conflict, with market panic emotions being released intensively. Bitcoin sharply declined in the short term, touching a low near 72,700 before slightly stabilizing.
This round of decline is driven by news-driven emotional sell-off, not a complete trend reversal. The short-term bearish momentum has been exhausted, and the market is entering an oversold correction window. Four-hour indicators are deeply oversold, with prices significantly deviating from moving averages. There is a strong technical rebound demand, with short-term strong support at 72,500–72,700.
Geopolitical negative news is only a temporary disturbance; the medium- to long-term bullish structure remains intact. Institutional signs of accumulation at low levels are evident. The early morning focus is on building a bottom and gathering strength at low levels. As long as key support is held, after the negative news is digested, the market will rebound and recover. The first major resistance is at 74,000–74,200.
The overall strategy relies on support levels for low-buying and oversold rebound speculation, avoiding blindly chasing short positions.
Trading suggestion: around 730, look for a bounce.
First target: 750, second $BTC target: 770.