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

At present, whether the price holds above or falls below 70,500 is the key point to watch today.

If it can stay above, the market will remain within the 70,500-72,500 range, oscillating and forming a base;

If it breaks below on increased volume, caution should be taken regarding the risk of seeking support around 68,000.

At this moment, it is advisable to remain cautious. Until the range is effectively broken, chasing rallies or panicking to sell are both unwise. It is better to adopt a strategy of high selling and low buying within the range or patiently wait for the trend to become clearer.