After nearly two months, yesterday, the price of Bitcoin hit 70,000 again but was blocked and fell back.

On the one hand, it was under pressure from the medium-term pressure line of more than four months on the technical side; on the other hand, it was due to the profit-taking selling pressure of Bitcoin since it stabilized at 53,485 at the beginning of the month and rose to 70,000.

In terms of the overall short-term and medium-term Bitcoin, whether it is the selling pressure of Sandezi, the compensation of Mentougou, or the change of Bitcoin holdings of the US government, the market will digest it below 7, making Bitcoin fully change hands below 70,000, consolidating the position structure below 70,000, and laying a solid foundation for standing above 72,000 or setting a new high. Once Bitcoin stands above 72,000, the market may permanently close the door to 70,000 in half a year or a year.

In the short-term technical aspect, Bitcoin is subject to the pressure line connecting the highest level of 73,777 in March and 72,000 in early June, and the recent technical support is 63,456 (the lowest level next week).

The market has been trading below 63,456--7.0/7.2 for a while. In short-term trading, seize the opportunity of Bitcoin’s pullback to get on board. Bitcoin and altcoins are seriously differentiated. Before Bitcoin reaches a new high of 80,000 or 90,000, it will be difficult to have altcoin season.