4.21 Morning Bitcoin Market Outlook

Bitcoin tested the bottom yesterday morning and then surged directly, followed by a correction in the afternoon, and then a steady upward fluctuation until early this morning, reaching a high near 76,500. Due to multiple news factors causing repeated disturbances, it surged higher but then faced resistance and turned downward, now fluctuating around the 76,000 level.

After the surge, a reversal occurred, with a large amount of sell orders at high levels pushing downward. Short-term resistance is clearly evident, and the need for a correction is increasing.

From the market perspective, after the surge was met with cold reception, it began to fall back from high levels to repair. The bullish volume on the 15-minute chart has been shrinking, and the momentum for upward movement is weakening. It appears that a top at high levels has already formed. Coupled with the tug-of-war between bullish and bearish news, the resistance above is particularly heavy. Currently, short-term pullback is the mainstream, and the downward trend is gradually strengthening. News factors could significantly change the current trend. Pay attention to the key psychological level at 77,000 and the previous high near 78,000.

Trading Suggestions

For rebounds to the 76,500-77,000 range, consider shorting directly. The first target is 75,500; if broken, look for a further decline toward 75,000-74,000.