3.7 Early Morning Analysis

Bitcoin's MA7 has crossed below MA30, forming a clear bearish alignment. Short-term moving averages continue to suppress the price rebound, with a low of 68121.6. There is no obvious strong support below, and the bearish momentum has not been fully released. A large bearish candle with increased volume pushed the price down, with very weak rebound strength, showing a "declining + sharp drop" pattern. The rebound highs are gradually decreasing, confirming a bearish trend.

Non-farm payroll data came in weaker than expected, boosting expectations of a Fed rate cut in June. The US dollar index faces short-term pressure, but risk asset safe-haven sentiment dominates. Bitcoin follows the cyclical stocks in the US stock market downward; combined with ongoing geopolitical conflicts, capital flows into safe-haven assets, and risk appetite in the crypto market declines.

Trading strategy: focus on short positions. Consider entering short positions if the price rebounds above 69,000-69,500. The initial target is 68,000, with a break below targeting 67,500. Currently, there are no clear signs of stabilization; avoid contrarian long positions. Wait for daily chart stabilization signals before considering a reversal or position adjustment.