Song Xiqing: Middle East fighting, US stocks crashing, chips jumping, is Bitcoin really unable to hold up this time? Continue shorting!

Early Wednesday morning, let's discuss the strategy.

Three major negative factors hit simultaneously: the Middle East is fighting again, chip stocks are plunging collectively, US stocks are falling sharply, and Bitcoin is also dropping hard, causing many to be wiped out. Geopolitical risks haven't eased, and money is also withdrawing from AI-related investments. Bitcoin now really has no safe-haven properties.

Currently, Bitcoin is stuck at a critical level. On the 4-hour chart, it has turned downward from above 64k, with the highs continuously declining, breaking through the support level with increased volume, and dropping to a low of 60.7k before bouncing back slightly. Don’t overthink it; the rebound is just a correction of the decline, and the main trend hasn't changed. Now at 61.6k, with 64k still the key resistance zone above, there’s little room to rise to that level. The hourly chart shows weak sideways movement, unable to push higher, a typical pause after a decline. Be patient and wait for a rebound before shorting again. Resistance above is tight, and 60k cannot hold.

Trading suggestions:
Bitcoin: Short near 62.5k-64k on the rebound, target 61.5k-60k-55k;
Altcoin: Short near 1660-1700 on the rebound, target 1620-1550-1460.

Reminder:
The above analysis is Song Xiqing’s personal view. The market is ever-changing, so this content is for reference only and does not constitute any investment advice!
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