Bitcoin is currently showing a pattern of bottoming out and rebounding in a volatile correction. Since the strong rebound began from the low point around 66,500 early this morning, the price has oscillated upward, reaching as high as the 69,500 region. It then faced short-term resistance and slightly pulled back, maintaining around 68,950 as of this morning.

On the daily chart, BTC ended a four-day losing streak with a bullish candle, signaling the end of a short-term weak correction. The price remains within a broad trading range of 64,000 to 71,500. After a thorough bottoming and accumulation yesterday, the market shows signs of stabilization, but it has not fully exited the oscillation structure. The moving average system has not formed clear resonance, and the bullish momentum is in a mild release phase. This pattern indicates a transition from previous weakness to a correctional rebound, with the short-term trend mainly driven by a restorative bounce, not yet entering a one-sided bullish pattern.

The four-hour chart shows technical features of a rebound encountering resistance. After reaching the 68,500 level, the price pulled back. This level is both a former support turned resistance and a key zone for EMA trend indicators. The Bollinger Bands are in a contraction phase, with the price retracing into the channel. Although the MACD has formed a golden cross below the zero line, bullish volume shows signs of weakening. Currently, the market rhythm indicates that bullish recovery momentum is approaching a phase of stagnation. The short-term pullback is not a trend reversal but a typical rebound resistance buildup, aiming to accumulate energy for a potential breakthrough of key resistance levels. This morning’s strategy focuses on retracement to establish long positions, while remaining alert to short-term short opportunities if rebound resistance is encountered.

Specific trading suggestions: Pay attention to support levels at 68,400-67,800 and 66,600-66,000. If support holds, consider entering long positions with a target of 5,000-6,000 points higher. A break below 65,000 signals a potential retest of the bottom.