April 7th Bitcoin Market Analysis


Rally then pullback, pattern break: The price reached a high of 70,332.5 (close to the 70k mark) but failed to stabilize and quickly retreated, forming a long upper shadow, indicating heavy selling pressure at high levels and exhausted bullish momentum.
The price has broken below the MA7 moving average (68,908.5), disrupting the short-term bullish trend, and is now moving below the MA25 (69,292.4), with the moving averages losing support and turning into resistance.
Trading suggestions:
First target: 67,214 (previous oscillation lower boundary + MA99 support). Reduce positions by 50% upon reaching this level to lock in profits.
Second target: 66,500-66,000 (previous low point). If support is broken, continue holding to seek a larger correction space. $BTC
BTC-0.4%
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