💥 BTC This position is the last line of defense for the bulls! 💥
Current quote $69,631**, intraday retest of **$69,409 low. From a technical perspective, MA7 (69,766) has crossed below MA25 (70,095), and the short-term trend has clearly weakened. The MA99 (70,913) above has formed a strong pressure zone, making it difficult to rise without a significant rebound.
The 4-hour level looks very poor, currently oscillating near the previous low support level after a continuous decline. If the entity breaks below 69,400, the space below may open directly, with a first target near 68,500.
In terms of trading volume, there is an increase in volume during the decline and a decrease in volume during the rebound, indicating a clear lack of buying interest. The VOL moving average has crossed below, indicating a strong wait-and-see sentiment among market participants.
My personal view on this position is: short-term bearish, do not blindly bottom-fish. To see a reversal, we must see a significant volume return above 70,500 for any chance. Otherwise, every rebound is just providing ammunition to the bears.
Do you think it can hold here? Share your thoughts in the comments! 👇
