October 3rd Morning Analysis

Early morning, BTC surged past 70,000 with a strong bullish candle but lacked sufficient volume. This is a typical manipulation by the big players, enticing more buyers and trapping retail investors. Currently, the price is hovering around 70,300, repeatedly struggling to break through. The 70,000 level has not been sustained for 24 hours, and selling pressure remains heavy above. Be cautious of a pullback and avoid blindly chasing the high. Until 70,000 is firmly broken, all upward moves are just paper tigers. Blindly chasing the high will only turn you into institutional harvesters' next victim. Be sure to watch out for the risk of being trapped.
On the 4-hour chart, MACD shows a golden cross, but RSI is overbought at 71, indicating a high probability of a short-term pullback. At 3 a.m., a whale transferred 5,000 BTC to an exchange, suspected to be preparing for a dump. Currently, retail traders are experiencing FOMO, while large funds are on the sidelines—classic scenario for retail investors rushing in and institutions harvesting.
In practical trading, consider shorting in the 70,100–70,800 range, with targets at 68,500–68,000.