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Multiple dips without success—bulls are about to launch a counterattack!
Yesterday, Bitcoin fell from around 737 all the way down to around 705. Then it saw a small rebound to around 714, and in the morning it pulled back again to around 704. Currently, it is trading around 707.
From the 4-hour timeframe, although Bitcoin has faced repeated pressure and pullbacks recently, the 70,000 integer level has formed a strong phased bottom support. As long as this level is not effectively broken through, the current retracement should be viewed as the bulls gathering strength—not a trend reversal—and a new round of upside could start at any time.
Go long directly near 70000, target the 71800 area first; if it breaks through, look at 73800.
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