The intraday trend of Bitcoin is really hard to describe. It’s not exactly strong, but not weak either. After a violent surge of 2,000 points in the morning, the price mostly oscillated within a 1,000-point range from midday to evening. Although there was a false breakout at the 70,000 level in the afternoon, it failed to hold steadily. Subsequently, there was a small retracement correction. Currently, the market is testing the 70,000 level again, and its continuation remains to be seen. After we took a short position in the morning and gained over 1,000 points, we advised reversing to a long position to catch the pullback. This shows that the support below is quite strong. The short position was closed after capturing 700 points, and later, the market led the price back to the 70,000 level again, achieving a second consecutive win with the long position. In total, three intraday trades netted over 2,400 points, ending today’s trading on a high note.

From the current market structure, Bitcoin repeatedly hit long upper shadows during multiple surges, with frequent pin-like tops at high levels. The bullish momentum has not been effectively broken through, and the upward energy is clearly weakening. During the subsequent rebound, trading volume continued to shrink, and the market lacked new momentum to sustain the rally, making the rebound notably weaker. The market has already broken the short-term upward trendline, shifting from a single-sided rally to a high-level consolidation pattern. On the hourly chart, although there was a four-day consecutive bullish rebound in the evening, the candlestick bodies were relatively weak, and the upward price movement was accompanied by a significant decrease in volume. Rebounds with low volume usually have poor continuation, and key resistance levels still exist overhead. In the short term, there is no strong condition for a breakout, and a retracement correction is likely to occur again. Therefore, during the midnight session, we can consider a small short position first, observe the support below, and then decide whether to go long.

Bitcoin: Short around 70,400, with a target of 68,600.
Altcoin: Short around 2,180, with a target of 2,100.