3.11 Morning Market Analysis
From the 5-minute K-line chart, Bitcoin surged strongly from around 69,250 last night, reaching a high of 71,755, then consolidated sideways in the 71,000-71,600 range. The current price hovers around 71,400.
After a V-shaped reversal last night, the bullish momentum has not fully dissipated. The moving average system is arranged in a bullish pattern, and the price has stabilized above the short-term moving averages, indicating strong buying support below.
Upper resistance: near the recent high of 71,600-71,800. If broken, it may attempt to test above 72,000.
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