Early morning, Bitcoin dropped below the 70,000 level and hit a low near 69,500, but failed to form an effective breakdown. Instead, it formed a U-shaped reversal and quickly pulled back to the 70,500 area. This long lower-shadow structure is a typical false breakout signal at the hourly level. Bears attempted to break below but couldn't hold their gains, only to be pushed back by bulls, indicating strong buying support near 69,500. The 70,000 level has now converted from a previous resistance point into short-term support.

From a technical indicator perspective, the hourly MACD formed a golden cross below the zero line and continues to show increasing volume, with the fast line already crossing above the zero line, indicating that rebound momentum is still continuing. RSI has rebounded from the oversold zone to the 50 neutral-strong position and has not yet entered the overheated zone, suggesting there is still upside room in the short term. In terms of the moving average system, price has returned above MA7 and MA14, and is attempting to challenge MA30. If it can hold steady above 70,500 during the day and push MA7 above MA14 to form a golden cross, the short-term uptrend structure will be further solidified.

Overall, the early morning dip and recovery represents an effective validation of key support. Since the 70,000 level has been lost and regained, short-term strategy should focus on buying on pullbacks. Key attention should be paid to retest confirmation opportunities in the 70,200-70,300 zone, with the upside first targeting 70,800-71,000. If it can hold steady above 71,000 with volume, this rebound from 69,500 is expected to continue to higher levels. #Gate13周年全球庆典 $BTC