Wednesday Morning Bitcoin Analysis

Last night's price action was quite typical. During the day, there was repeated back-and-forth movement that consumed sentiment. After US stocks opened lower, bearish sentiment was ignited, and prices declined throughout, touching lows around 68,800 in the early morning hours. The bearish thesis played out once again. The market won't disappoint patience—when the rhythm is right, profits are just a matter of time.

From the current structure, price has moved back above 70,000, but hasn't formed effective continuation. Whether bullish or bearish, there's a lack of decisive momentum to seal the deal. Overall, we're still oscillating within the range. Since the trend remains unclear, we should follow the range rhythm—don't guess direction, just wait for position.

Resistance above at 71,500 range. Support below near 68,900. If the range holds, it will be difficult for price to break into a one-sided move.

Early morning: Still looking to scale into short positions in the 71,000-71,500 area, targeting 69,500-68,500 range.
If there's no continuation after a pullback, we can reverse to short-term longs on a stabilization at the bottom to catch some range-bound bounce.
$BTC ‌#Gate正式接入Polymarket