April 12 BTC Market Analysis

Bitcoin mainly fell from around 72,700 to a low point of 71,200 after negative news that the US-Iran negotiations broke down. On the technical side, if the key support near $69,300 can hold, the market still retains expectations for one more localized low-position long opportunity; even if going long at that level, it can only be a short-term long and not a broader pattern.

Tomorrow, the sentiment at the US stock market open still needs to be released, so the current upward move looks relatively sticky. With no strength to push to higher highs, you can short from the current price, targeting around 70,200, and then see whether the negative news driven by the news flow has been digested.

Since the ceasefire agreement is still valid, a BTC pullback to the $68,800 to $69,300 range may see a follow-up rally to repair and recover. This level can add one more lot for a long. If the two sides start fighting again, then there’s no need to go long.
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