$BTC Evening Market Outlook

BTC (Bitcoin) previously broke through the triangle pattern and also completed a pullback to confirm support is effective, but the price has yet to break above the key neckline at 73,905, which has become a short-term upward resistance.
The hourly chart shows a W bottom pattern, with its neckline also at 73,905. Only a volume breakout and a steady hold above this level will officially establish the W bottom pattern, and the market will then start a rebound. The first target is 74,253, with subsequent targets extending to around 75,500.
If the price continues to be pressured below 73,905 and holds the lower point at 72,554, the market will maintain a range-bound oscillation. After the oscillation cycle lengthens, the market will eventually choose a direction. Additionally, it is worth noting that this upward move has been characterized by decreasing volume, with trading volume failing to be effectively released. The rally driven by declining volume lacks support strength, so even if there is a short-term surge, it will be difficult to stabilize the price, and a quick pullback is likely.
Currently, the market is at a crossroads, and it is recommended to stay cautious, wait for the trend to clarify, and then consider entering the market. There is no need to rush into trades.
Key Trading References
1. Hourly level: A volume breakout above 73,905 can be followed with a long position on the right side, with targets at 74,523—75,500;
2. Hourly level: A volume breakdown below 73,183, and failure to recover on a rebound, suggests following short positions on the right side, with strict stop-loss settings;
3. 4-hour level: A confirmed breakdown below 73,227, with downside targets at 72,552 and 71,413.
On the daily chart, the closing price has fallen below 74,000, indicating that the previous bullish trend structure on the daily timeframe has been broken. Until the price re-establishes itself above 74,000, the overall market remains under pressure. The key support to watch on the downside is the bullish trendline at around 70,600.