3.12 Evening Bitcoin Bullish Analysis

Bitcoin is currently experiencing minor short-term fluctuations and pullbacks, but the support below is robust, and bullish counterattack momentum is gradually accumulating, with an overall clear uptrend. From a technical perspective, the price is obtaining strong support from the MA60 moving average, the midline support of the Bollinger Band has not been substantially penetrated, and the Bollinger Band overall maintains a consolidation momentum pattern; the KDJ indicator is in the oversold zone about to form a golden cross, short-term selling pressure has been fully released, and the market is showing a "retracement consolidation-indicator reversal-Bollinger contraction" bullish accumulation formation with core support at 69100 below. Once this level holds, the rebound will gradually gain strength, with the first target above looking toward 70800-71300, and further upside is expected after a breakout.

At 20:30 tonight, the US initial jobless claims for the week ending March 7 will be released, with the previous value at 213,000 and expectations at 215,000. If the data underperforms expectations (actual value < 215,000), it reflects that the US employment market remains robust, market rate cut expectations are expected to warm up, the US dollar index faces pressure and weakens, which will directly benefit the cryptocurrency market and propel Bitcoin to initiate a rebound; even if the data meets expectations, as current bearish momentum has been exhausted, Bitcoin will also stage a corrective rally relying on strong support.

Operation Suggestion: Long at 69000-69500, target 70800-71400