BTC's overall direction remains bearish. However, since there are too many short positions, we cannot rule out the possibility that it will test the 72,000 resistance level. Everyone should be careful.

BTC has been oscillating back and forth recently, confusing many traders. To be honest, it's been difficult for both bulls and bears to make money lately—it keeps going up and down. Actually, from a short-term perspective, BTC is showing an oscillation pattern with a range of 60,000-72,000. From a long-term perspective, it should still decline. 60,000 is not the final bottom, but it won't come so quickly either. There will be an accelerated decline later on.

Looking at the chart, BTC moved up again yesterday, reaching around 71,300 at its highest, and today during the daytime it rose slightly above 69,000. It seems like it can't go up and can't go down. Here we need to watch several critical levels. The first level is 68,900, which has been consolidating here without breaking below. The main reason it hasn't broken down is because there are too many short positions. Therefore, we need to be careful about bounces from this level. Only if it breaks below here and doesn't recover can we confirm a new downtrend has begun. Before it breaks, we cannot rule out the possibility of another bounce higher. The second level is around 72,000. BTC tested the 71,500 resistance but hasn't tested the 72,000 resistance here yet—it's only $300 short. I think hunting stop-losses around here is still worthwhile. Additionally, if there continues to be such excessive shorting, it's very possible it could touch the 72,000 resistance nearby and knock out stop-losses on this side. So everyone should be cautious and careful.

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#比特币支撑阻力位分析 $BTC