March 8 Morning Market Analysis

Last night, the market moved quite aggressively. Bitcoin was directly hammered down from above 68,000, dropping to around 66,880. In just a few hours, it fell nearly 1,000 points, essentially breaking the short-term upward structure. Currently, the price is hovering around 67,300, which is a normal consolidation after a sharp decline, and the rebound is quite weak with little momentum.

From the indicators, the current price is still below the middle band of the Bollinger Bands at 67,540, indicating a clear short-term bearish trend. The nearest support is at 67,023, while the first resistance to overcome is at 68,057. The key level separates bulls and bears quite clearly. The large bearish candle yesterday directly broke through the short-term upward pattern. Until the price recovers above the critical resistance level, the overall outlook remains weak and volatile, and it’s not advisable to rush into long positions.

Trading Suggestions:
Short at around 67,600-68,100 on rebounds, with targets down at 66,600-66,000. If broken, continue to look lower.