3.31 Evening Thoughts

From the current market situation, the recent pullback in the afternoon was mostly within expectations. Bitcoin has failed to break above the 68,000 level twice already, with clear resistance above. The double top pattern is starting to form, and combined with the dead cross on the indicators, the bearish signals are quite consistent.

Moreover, this decline was accompanied by volume, not a false drop, indicating that market sentiment is indeed leaning towards bearishness. Looking at the daily chart, two consecutive long upper shadows clearly show that there has been continuous distribution above, with significant selling pressure. Recently, the overall volatility has been narrowing, which actually suggests accumulation, waiting for a breakout in one direction. Once it happens, it’s likely to accelerate rapidly.

Trading Suggestions:
Bitcoin between 67,800-68,400, with a target of 66,000-65,500. If broken, look for 63,000 as the next support.
Short around 2,090, targeting around 2,020.