Bitcoin Evening Analysis

From the 1-hour chart perspective, Bitcoin price has broken below the MA7 short-term moving average and continues to trade below the middle band of the Bollinger Bands. The moving averages and Bollinger Bands indicators form a bearish convergence signal, indicating that short-term bullish momentum has completely exhausted and selling pressure is beginning to dominate the market.

Since the price pullback from the highs, the rebound process has consistently lacked volume support. Each rally attempt has failed to break through the moving average resistance, which is a typical weak rebound pattern with a high probability of continued decline.

Currently, the Bollinger Bands channel is in a contracting state, with the lower band support moving down to around 73342.6. If the price breaks below this level with volume, it will quickly open up the downward space. The first target below looks toward the previous low at 72891.3, and further downside potential will be completely unlocked after breaking that level.

Trade Recommendation: Short 74500-75000, Target 72500-73000.$BTC $GT