64700 is the key price for Bitcoin. If it rebounds and cannot stand firm, the short side will have the upper hand.
The market was smashed this morning. The on-chain data showed that an institutional investor sold the BTC position established in February 23, resulting in an ugly market, and Bitcoin underperformed the A-share market. The A-share market attracted money, and I suspect that Bitcoin funds flowed to the stock market.
Although Bitcoin has pulled back, I am still bullish. It consolidated at a high of 65,000 over the weekend, and the current pullback is normal. The decline of other mainstream value coins is not large, and the main force is strong. Wait for the A-share market to be closed during the National Day holiday, and hot money will flow back to Bitcoin.
Point analysis:
The support level below Bitcoin is 63300-63000, and the upper target/resistance level is 64700-65500. If it stands firm at 64700, it will break through the high point of 66500.#BTCtrend analysis
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