Altcoins have finally ushered in their take-off moment, and the market volatility in the past two days has been exciting. Bitcoin ($BTC ) has experienced dramatic ups and downs, which has brought retail investors' emotions to an extreme, with panic and hope intertwined. Encouragingly, BTC has steadily risen in this turmoil, like a wild bull that has run away from its reins, rekindling market confidence. Recently, BTC has been fluctuating sideways between $68,000 and $70,000, providing a great opportunity for altcoins to rise. There are more and more obvious signs of hot money intervening and pulling up altcoins, ready for large-scale harvesting.

From the daily chart, it seems to be only a matter of time before $BTC breaks through $68,450. The candlestick chart shows that the dealer intends to continue to push prices to new highs. The current upper pressure level is between $70,000 and $72,000, while the lower support level is around $68,000 to $66,000. The MACD indicator gradually rises, suggesting that market risks may break out at any time. This technical change reminds us to be vigilant about the potential market trends.

The four-hour chart shows that $BTC is currently in a small correction, with relatively small trading volume, and an overall small fluctuation trend. However, the continuous top divergence pattern indicates that the upward momentum is weakening and market risks may appear at any time. This technical signal makes me cautiously optimistic about the trend of BTC in the short term.

Observing the long-short position ratio of Binance, it is found that the number of bears has reached the limit. This means that the market's short-side power is saturated, and the dealer may quickly raise the price, force the short side, and then quickly turn downward to bloody harvest the long positions. This operation strategy is not uncommon in the market, so it is particularly important to operate cautiously in the current market environment.

If you want to trade, it is recommended to open a short position near US$68,000, provided that the margin is sufficient and can withstand fluctuations for up to ten days. Although this strategy is risky, if it is operated properly, it will definitely capture a big market. However, I always think that once BTC reaches around $72,000, it will be the high point of this fluctuation, and then there may be a sharp drop and a bloody harvest.