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2.28 Midday Market Analysis. From the 1-hour chart, Bitcoin surged to 68,188.8 before experiencing a series of large red candles and a pullback. The MA7 and MA30 have formed a death cross, and the price remains under the long-term moving average, indicating a clear bearish trend.
Yesterday's rebound from the bottom at 64,875.6 was weak, reaching only around 66,000 and failing to break through the resistance of the MA30, suggesting that the bullish momentum has already exhausted.
Currently, the KDJ indicator shows K at 76.2, D at 63.8, and J at 101.0, in the overbought zone, with selling pressure building up.
BTC Trading Suggestion: Short at 66,200-66,700, target 64,200-64,700, stop loss 67,000.
ETH Trading Suggestion: Short around 1,940, target 1,910-1,860, stop loss 1,970.