Evening Bitcoin Market Trend Analysis!

Bitcoin broke out of the bullish flag pattern after its rise. Many are hoping for a repeat of the previous upward trend, but this time it's unlikely to happen. Continuous external negative news and ongoing geopolitical conflicts have sapped the bulls' confidence, and no matter how strong the technical pattern is, it can't withstand persistent bearish pressure.

Currently, focus on two key price levels: 70117 is an important support. Recently, every time the price retests this level, it bounces back, but each rebound is weaker than the last, indicating that support can't withstand frequent testing. If there are two or three more attempts to break through and the resistance at 71244 isn't overcome, 70117 will likely break down. Once it falls below, the bullish trend above will be immediately terminated, and the market will fall back into a wide-range consolidation. It will be difficult to push prices higher again.

From a moving average perspective, the 4-hour chart has already broken below the EMA200. Currently, it is barely holding above the moving average. If it can't recover back above it, and falls below the EMA20, the next support is the EMA50. More dangerously, the previous key bullish candle has been broken, which is a clear sign of weakening. If three consecutive 4-hour candles fail to recover this bullish candle, the decline will continue downward. If trading volume can't keep up, the downward momentum will intensify.

$BTC In terms of trading: a volume-supported breakout above 71244 on the hourly chart signals a long entry, with targets at 72731-73381; a volume-supported breakdown below 70323, if it can't rebound back, then consider short positions. Once the 4-hour chart effectively breaks below 70117 and fails to recover, a correction officially begins, with support levels at 68873-67713.

At this stage, don't hold onto illusions. Being able to stay within the narrow range of 70117-71244 without falling is considered strong. As long as the 70,000 level isn't reclaimed after falling below it, a phase correction is confirmed.