Overall, after Bitcoin surged to the 70,000 level on the 4-hour chart and left a long upper shadow, short-term selling pressure became evident, and it has now reached the upper boundary of the recent consolidation range, which acts as a resistance level. Throughout this upward move, there has been insufficient retracement, and the momentum of the rally is gradually weakening, limiting further upward space.
Bitcoin: Range around 69,500-70,000, target 67,500. Altcoin: Range around 2,050-2,080, target 1,960.
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Morning Thoughts
Overall, after Bitcoin surged to the 70,000 level on the 4-hour chart and left a long upper shadow, short-term selling pressure became evident, and it has now reached the upper boundary of the recent consolidation range, which acts as a resistance level. Throughout this upward move, there has been insufficient retracement, and the momentum of the rally is gradually weakening, limiting further upward space.
Bitcoin: Range around 69,500-70,000, target 67,500.
Altcoin: Range around 2,050-2,080, target 1,960.