Bitcoin experienced a strong rally this morning, reaching a high of around 70,550, setting a new high for this rebound. We initially planned to catch a short-term dip, but the market's strong continuation led to a small short entry. Currently, the price has just fallen back to our short entry point. Considering the larger timeframe remains bullish, the short position can be held and wait for a pullback confirmation, but overall, we should remain cautious and respect the bulls.
On the four-hour chart, this rally successfully broke through the resistance zone of 69,300-69,800 USD, creating a new high since the rebound from the low of 65,800. As long as the price does not fall below the previous high support level of 69,000 USD, the rebound structure remains intact. The MACD golden cross is still expanding, and the green bars have not significantly shortened, indicating that upward momentum has not exhausted. On the daily chart, the price has already risen above the EMA15 moving average, and the northbound channel is gradually opening. On-chain data shows that whales are still increasing their holdings, and the capital flow back into mainstream coins remains unchanged.
Today’s key support levels are in the 69,000-69,500 USD range. As long as the price stays above this zone, the market remains under bullish control. Short positions can be continued with targets at 69,000-68,500 USD, taking profits in stages, with stop-loss moved up above 70,800 USD for protection. If the price stabilizes above 69,500 USD, bulls will gather strength to challenge 71,000-72,000 USD, and a reversal to go long can be considered. Strong support below is at 68,500-68,800 USD; as long as it does not break below 67,800 USD, the medium-term bullish outlook remains unchanged.