Bitcoin Evening Analysis

Bitcoin is currently consolidating steadily within a bearish flag pattern, and this slow-paced movement is actually more comfortable. The small fluctuations back and forth are much safer than the out-of-control volatile swings with sharp spikes and crashes.

This upward movement, based on Fibonacci 1:1 measurement, has a target around 71,960. Whether it can further reach the 1.618 level at 73,552 depends on the performance after touching 71,960:
• If it continues to oscillate above 71,960, there is a high probability of pushing further toward 73,552;
• If it merely spikes through 71,960 and quickly retreats, it indicates only the 1:1 target has been achieved, making further upward movement unlikely.

To break the 1:1 upward structure, it must first break through the bearish flag pattern while also not falling below the support level at 70,408—both conditions are essential.

Once 70,408 is broken, it will first retest 69,203. If that support fails, it will test the previous low of 68,288. After setting a new low, the 1:1 upward structure will no longer be valid.

Trading suggestions:
• A volume breakout above 70,813 can be used to chase longs; look for targets around 71,577-72,000 on the upside;

• A volume breakdown below 70,417 with a failed rebound can be used to chase shorts.

• 1-hour: Holding above 70,813 indicates a continuation of the rebound;

• 4-hour: Breaking below 69,767 targets 68,828-68,307 on the downside.