#GateSquareAprilPostingChallenge April 7 Morning Analysis

The 1-hour chart of Bitcoin surged to 70350 before showing a sudden, high-volume drop. After reaching the high, a single large bearish candle directly broke through the middle band of the Bollinger Bands. The moving averages formed a death cross, which is suppressing price action; the bearish signals are clearly confirmed on the technical side. Combined with pressure from external hawkish remarks and a strengthening U.S. dollar, the market saw concentrated profit-taking flow out. Funds that chased longs at high levels were all trapped, and fear-driven sentiment intensified, increasing selling pressure. With bulls and bears in resonance, the direction has already turned bearish; any short-term rebound is an opportunity to go short at high levels. Pay special attention to whether support near the lower band can hold.
Trading recommendation: Short around 69600, with targets at 67100-67600.