Breaking through the previous high! Is Bitcoin heading for 70k? Should you now exit the top or go long? Come and take a look.

1. While everyone is paying attention to the US stock SPCX, Bitcoin is quietly and steadily rising, with the bottom lifting higher and the top also rising. It has already rebounded 6,000 points from the lowest point! So the question is, will it continue to rise?
2. This is possible! But it needs to first test the major resistance at 65k. If it doesn't break through and stabilize here, BTC might be a false breakout because this resistance is still very strong. It has failed to break through several times before, and this time a pullback to gather strength before rising again is also possible.
3. So, conservative investors can take partial profits like they did near 64.5k and buy the dip, re-enter around 63,300 or 62.3k. Aggressive traders can short a small position, setting a stop loss just above 65k. If it's a false breakout, they can re-enter, and the risk-reward ratio is still decent.
4. However, the resistance at 65k has been tested before. The second time, the resistance won't be as strong. It’s safer to sell spot holdings or short near the next resistance at 68k. I personally will short close to 68k, as I believe there’s a 90% chance of a significant pullback, so keep an eye on that.
5. Looking at the current situation, our large position bottom-fishing at 60k has been very successful, and the rebound is still quite healthy. As shown in the chart, we mentioned a few days ago that this time would break the previous high, meaning the top would lift higher. Let's see if it can hold after breaking through.
6. Besides BTC, our bottom-fishing in ETH and Solana, as well as short positions on SPCX, have also made good profits. Shorting crude oil has been even more disastrous for the bears. Whatever you shorted before, you should be making money now. Congratulations! Next week will be a new beginning. Let’s keep working hard and aim for another big gain, okay! Shuqin