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April 24 Midday Bitcoin Market Outlook
Bitcoin surged yesterday evening but faced resistance at 78,600 and pulled back, quickly dropping to test the low support at 76,900 before bouncing back, currently oscillating around the 77,800 range for correction.
After the decline, a technical rebound occurred, but the rebound's continuation is weak, and overall trading volume remains sluggish. The key resistance zone above continues to exert strong pressure, and the bearish long-term trend has not changed. The overall pattern remains one of rebound pressure followed by weakness and decline.
In terms of trading strategy, continue to mainly short at the highs of the rebound, with light short-term long positions at low levels as a supplement.
Currently, the short-term rebound momentum is gradually weakening, and clear signals of resistance are emerging. The risk-reward ratio for chasing gains at higher levels is very low, and selling pressure at the upper resistance zone could be released again at any time.
Trading Suggestions
Short at the high of the rebound in the 78,600–79,100 range, with the first target at 77,300. If broken, follow the trend to watch for a move toward 76,800.