Bitcoin is currently in a period of directional selection following a short-term trend weakening. On smaller timeframes, pullback sentiment is being released, with momentum indicators like MACD turning weaker, suggesting that a direct V-shaped reversal in the near term would be difficult. The market is more inclined to digest selling pressure through consolidation.

Currently, the 70,500 level is the key observation point for today.

If it can hold, the market will maintain oscillation and base-building within the 70,500-72,500 range;

If a breakout lower occurs on increased volume, then we should be alert to the risk of seeking support around 68,000.

At this time, caution should be maintained. Before the range is effectively broken, chasing rallies or panic selling are both inadvisable. It is better to adopt a range-trading approach with high selling and low buying, or patiently await clarity in the trend.