Saturday, range-bound consolidation with weak oscillation. Long positions can wait a bit longer.

Bitcoin once again experienced a unilateral decline yesterday, mainly influenced by news. Iran closed the Strait of Hormuz, then the US and Israel bombed Iran’s steel and power plants, and Houthi forces launched missiles at Israel. The entire Middle East situation has become chaotic, with one statement after another disrupting global financial markets.

Originally, the plan was to go long first and then short, but the rebound was too weak, forcing short positions to enter early. During the US session, Bitcoin dropped to around 65,500, and I closed my 69,100 short for a 3,100-point profit. Afterwards, I reversed to go long near 66,300 and am still holding. Those caught in long positions can wait a bit longer.

Overall, the current rhythm is indeed weak, but that doesn’t mean the bulls have no chance. The daily chart shows a fragmented bullish candle, and since it’s at the bottom, a rebound to test resistance could happen at any time. Resistance is concentrated around 68,500-68,000. If there’s no effective breakout and stabilization, the market may continue to decline next week. The next couple of days are crucial for a rebound and upward movement.