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April 16 Morning Analysis
Bitcoin's 1-hour cycle surged to 75,425.6 before sharply pulling back, with the upper band providing clear resistance. The bullish momentum is rapidly fading, with candlestick charts showing consecutive bearish days and weakening signals. The short-term rebound structure has been broken. Currently, the price is trading below the middle band, with Bollinger Bands narrowing and indicators turning downward, indicating that the bears are in control.
On the news front, Federal Reserve officials continue to signal hawkish policies, increasing market expectations of rate hikes. The strengthening dollar suppresses risk assets; combined with cooling geopolitical sentiment and declining safe-haven demand, Bitcoin lacks upward momentum.
Trading suggestion: Buy within 75,200-75,700, with targets at 73,200-73,700.$GT