Gu Jingci: 3.12 Bitcoin/Ethereum continues to fluctuate with short positions taking profits, long positions ready to enter

Last night, during the sharp rise in Bitcoin/Ethereum, multiple reminders were given to enter short positions and add to short positions. This morning, I reiterated that there is still room for further decline. Currently, the pullback after the surge is in line with expectations. Due to the ongoing geopolitical tensions and external war news, Bitcoin's sideways movement has been oscillating between gains and losses, showing a pattern of oscillating upward, pulling back after highs, and consolidating within a range. There is resistance above and support below. In the short term, Bitcoin may consolidate between 68,000 and 72,000, and Ethereum between 1,980 and 2,100.

The US February CPI data met expectations, and the market almost has no hope for a rate cut in March. The short-term high-interest-rate environment still exerts some pressure on cryptocurrencies, but the market's expectation of a mid-term rate cut remains unchanged, limiting the pullback range of Bitcoin and Ethereum.

Trading suggestions: Buy Bitcoin around 69,000 to 69,300, with targets around 70,500 to 71,500; buy Ethereum around 2,000 to 2,020, with targets around 2,080 to 2,120.

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