3.4 Wednesday Midday Market Analysis

Bitcoin started its upward move overnight from around 66,100, reaching near 69,000 in the early hours. After hitting the high, the bullish momentum gradually weakened, failing to continue the strong upward push. The price then pulled back and entered the 68,900-67,700 range, maintaining narrow fluctuations and sideways consolidation. Both bulls and bears are in short-term stalemate, with the price repeatedly tugging within the range, without forming a clear directional breakout.
From the hourly Bollinger Bands perspective, the current channel shows a horizontal sideways trend, with the upper and lower bands remaining flat and parallel. The channel distance has not significantly expanded or contracted, indicating a typical range-bound technical pattern. After retracing to touch the lower band earlier, the price received short-term technical support and then began oscillating upward, gradually breaking through the middle band resistance. Currently, the price continues to fluctuate slightly above the middle band. Although the price has stabilized above the middle band, the Bollinger Bands are generally flat, with no sign of a bullish trend opening upward. Therefore, this rebound can be considered a technical correction within the range, not a strong bullish reversal signal. The short-term structure remains biased to the downside.
BTC Trading Suggestions: Short at 68,500-69,200, take profit at 67,600-66,000, stop loss at 69,800
ETH Trading Suggestions: Short at 1,980-2,030, take profit at 1,950-1,910, stop loss at 2,050