Bitcoin is currently in a phase of directional choice after a short-term trend weakening. On smaller timeframes, a retracement sentiment is being released, and momentum indicators such as MACD are weakening, indicating that a quick V-shaped reversal is unlikely in the near term. The market is more likely to absorb selling pressure through consolidation.

At present, the key level to watch today is 70,500.

If this level is maintained, the market will stay within the 70,500-72,500 range, oscillating and building a base;

If it breaks decisively with increased volume, there is a risk of seeking support around 68,000.

Caution should be exercised at this time. Until the range is effectively broken, chasing rallies or panicking to sell are both unwise. It is more appropriate to adopt a range-bound strategy with high selling and low buying, or to patiently wait for the trend to become clearer.