Tuesday Afternoon Bitcoin Analysis

Although the volatile market is grinding, the overall pace remains within expectations. The lowest point in the afternoon dipped to around 70,000, and the 71,000 short positions mentioned in the morning successfully played out, unfortunately without continuation. Currently, the price is consolidating horizontally around 60,800 after a rebound.

From a technical perspective, the four-hour level failed to sustain after a push higher, with bulls showing weakness. Subsequently, there has been continuous decline, and the short-term rebound has essentially concluded. The hourly Bollinger Bands are beginning to contract, with price pushing higher then pulling back and breaking below the middle band, combined with downward indicator convergence, the short-term trend is clearly weakening.

In the absence of a unilateral trend currently, the upside space has been released, and the cost-benefit of continuing to chase longs is not favorable. Following the trend with high shorts remains the main rhythm.

Resistance to watch above: 71,500-72,000 zone; if not broken, continue shorting. Aggressive traders can scale in around 71,000.

Downside target still looks to the 69,000-68,000 zone.
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