Last week, Bitcoin's market movement was incredibly exciting! It suddenly dropped from $80,000 directly to $59,800, a drop of over $20,000 that caught many off guard. It was a historic black swan event, leaving many people stunned. Now, it has rebounded strongly back to the $70,000 level. Are the bulls making a comeback?

Market sentiment has also reversed. The previously cold-hearted traders are gradually warming up, with some regretting not adding positions at the low points, while others regret selling in panic. From a technical perspective, the short-term moving averages have formed a golden cross, and the price is firmly above the moving averages. The short-term upward momentum is strong, and a bullish engulfing pattern has appeared on the candlestick chart, indicating a clear reversal signal.

Key resistance levels are at 71,600 and 72,000. If the price can hold above these levels, it may aim for 73,200. Support levels are at 69,100 and 68,600. If it breaks below 69,300, 69,100 is unlikely to hold, and traders can look for lower support levels to position. $BTC It is recommended to enter within the 68,388-68,888 range, with an 800-point stop-loss. The initial target is 71,600, and if broken, look to chase 72,000-72,800.