$BTC BTC is currently trading within an upward channel on the 4-hour timeframe, with a key resistance level around 73,800.

If the daily closing price ultimately closes below this level, it is highly likely to form a head and shoulders top pattern, and traders should be alert to the risk of a technical reversal.

The first support level to watch is around 71,000, followed by the 70,500 area. As long as the price cannot effectively break below the above support zone, there is still a short-term demand to retest resistance levels, and the rebound structure has not been completely broken.

Relying on key support and resistance levels for high buy and low sell, mainly deploying long-term short positions.