After experiencing a five-month decline, Bitcoin recorded a monthly increase in March and is currently near the critical level of $68,000, showing intense battles between bulls and bears. Although market sentiment has improved, on-chain data and capital flows indicate that the divergence between bullish and bearish forces remains severe.

From a technical perspective, Bitcoin is currently in a fierce battle between bulls and bears around the 68,000 level. While there is a short-term "higher lows" rebound pattern, it faces strong resistance from the 50-day moving average. The price is compressed within a narrow range of 66,000-69,000, exhibiting a typical "converging triangle" or range-bound consolidation pattern. Therefore, our strategy is mainly to focus on high-level short positions and low-level long positions.

Reference suggestion:
Light short positions around 68,500, with a stop-loss at 69,200, targeting 66,500.