Tuesday Morning Bitcoin Market Outlook

Yesterday's market tested above 70,000 twice but failed to continue upward. After spiking to around 70,300 in the early hours, it faced resistance and pulled back, dropping all the way to the 68,200 level. The bearish momentum played out quite decisively. Last night, I positioned for shorts near 70,000, and this wave has finally confirmed the outcome.

From the current structure, although the price fluctuates back and forth, it remains essentially locked within a range. The resistance at 70,300 is clear, and the support at 68,000 is effective. Until this range is truly broken, the overall approach remains sideways. Avoid chasing orders on the four-hour timeframe. The recent rally after the weekend correction looks strong but lacks sustainability, which has already planted some hidden risks. With this recent bearish candlestick retracement, the bullish momentum has been interrupted, and the market has shifted back into a short-term oscillation.

In terms of strategy, early in the day, consider going long near 68,000, with a first target around 70,000. If the rebound fails to continue, consider switching to short positions and trading within the range.