Bitcoin experienced a one-sided decline the day before, mainly due to technical pullback, with Powell's remarks showing a neutral-to-hawkish tone, global assets plummeting sharply, and most importantly, risk-off sentiment heating up again.

A technical pullback after a significant rally is normal, after all this wave of gains was driven by sentiment. Although Powell's remarks lean hawkish, they weren't particularly strong, with limited volatility during the speech. The sharp decline in global assets is mainly exemplified by gold and silver, as the continuous collapse at the beginning of the year was also driven by gold and silver crashes.

Worth noting is the "risk-off" factor. Middle East issues persist, so the market is naturally influenced by them. The decline of the four major indices combined didn't exceed 5,000 points, which is sufficient proof of Bitcoin's resilience, and it's fortunate that it's holding above 70,000.

The early week rally relied on the 70,000 level to unfold, more precisely starting from 69,000. Even if there's a retest, as long as the 69,000 support doesn't break, it can be considered a normal pullback. After short-term retracement is complete, we continue to look for support to launch a rebound.

Following the convention of today's close as yin candle, the Asia-Europe session must continue to test 70,000, so we only need to wait for an opportunity to board.

Support: 69,500-70,000 area
Resistance: 72,000-72,500 area $BTC