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4.20 Evening Bitcoin Market Outlook
Bitcoin surged near 76,200 last night but faced resistance and pulled back, testing a low of 73,666 in the morning before rebounding. The impact of U.S. news caused the rebound to spike up to around 75,600.
Market expectations of tightening monetary policy resurfaced, with strong profit-taking among long positions. The rebound was only a short-term emotional recovery, lacking substantial positive support for a reversal. The overall market structure remains bearish, with the rebound solely a correction under pressure, and tonight's stance remains firmly bearish.
The 15-minute rebound lacked volume, with no continuation from the bulls, and selling pressure above remains heavy.
Trading Suggestions
Focus on short positions in the rebound zone of 75,500-76,000, targeting 74,300-73,800, with a break below targeting 73,300.
If volume confirms a firm hold above 76,220, consider temporarily shifting strategy.