Bitcoin ($BTC ) reached a high of $69,500 during recent fluctuations, followed by a pullback. This price retracement is expected in technical analysis, as it may indicate a divergence between the current price and certain key technical indicators that needs to be corrected to eliminate this divergence.

From historical data, Bitcoin does face significant selling pressure above the $69,000 price range. This price range has been maintained for nearly three months, and many investors may choose to sell at this level to realize profits, thereby exerting pressure on the price.

Despite the pullback, there remains a possibility for Bitcoin to reach $70,000. Market analysts point out that if Bitcoin can break through this psychological barrier, it may trigger more buying, pushing the price further up. However, if the price experiences a false breakout after reaching $70,000, it may indicate greater uncertainty and potential pullback risks for the future market.

In addition to Bitcoin, other cryptocurrencies such as Ethereum (ETH) and other tokens starting with 'E' are also beginning to show upward trends. In particular, tokens related to decentralized finance (DeFi) and on-chain ecosystems have drawn market attention. However, it is worth noting that although these tokens have seen price increases, the exchange rates have not shown a corresponding rebound, which may indicate that the market remains cautious about the long-term value of these assets.

In this market environment, investors should remain vigilant and not blindly chase prices. If one truly wants to participate in the market, it is advisable to wait for a price retracement and confirm effective support before considering entry. At the same time, it is important to set reasonable stop-loss points to avoid significant losses in the event of adverse market movements.