Currently, Bitcoin's price has stabilized and rebounded from the low point around 69,100, and has re-entered above the middle band of the Bollinger Bands near 69,500. The bulls are starting to gain momentum, but have not yet broken through the upper resistance zone. In the short term, it is entering a phase of low-level rebound and correction.

This is mainly due to the Federal Reserve maintaining high interest rates, which puts pressure on risk asset valuations; in early March, employment and inflation data exceeded expectations, delaying rate cut expectations from March to June–July, triggering capital withdrawals; recent dovish statements from officials have restored rate cut expectations, driving a rebound. When U.S. Treasury yields rise, funds flow back from cryptocurrencies to fixed income; when yields fall, it benefits Bitcoin.

In the short term, Bitcoin is in a bullish trend of low-level rebounds, but has not yet broken through key resistance levels, so blindly chasing longs is not advisable. The best strategy is to wait for a breakout around 69,600 and then lightly add positions, or wait for a rebound above 71,000 before opening short positions.
Recommend going long near 69,600 targeting 71,000; after a confirmed break below, look at 72,000; stop loss around 69,200.