3-13 Morning Market Analysis

The sharp rally in the early session was difficult to sustain. Bitcoin surged to the key resistance level of 71,900 before quickly retreating, with limited room for a rebound and previous highs forming strong resistance. This rebound is only a short-term technical correction, not a trend reversal. The high-level oscillation pattern remains unchanged, and a bearish outlook continues to be the core strategy!

From the market structure perspective, the price's rapid rise followed by a sharp decline indicates insufficient bullish momentum, heavy selling pressure above, and difficulty breaking through previous resistance levels in the short term. The overall market remains in a wide-range consolidation phase, with price movements mainly driven by pullbacks from higher resistance levels. Traders should avoid blindly chasing longs and strictly follow trend-following principles.

Trading Suggestions
Short near 72,000-72,500, target 69,000-69,500