$BTC is hovering around $71,000, down about 2% in the last 24 hours. It feels like the market has entered a high-level correction, with a somewhat one-sided downward trend on the 4-hour chart, and bearish forces are dominant. However, the daily chart is still solidly above the 20-day moving average (around $70,000), and the medium-term rebound trend is not broken.
In terms of key levels, $71,000 is today's low, with the strong support below at the round number of $70,000. If it breaks down, it might test $69,500; resistance above is in the range of $72,500 to $73,500, where there was significant selling pressure near yesterday's high.
My cousin thinks it's best not to rush to bottom-fish now; it's better to wait for prices to stabilize in the $70,000-$71,000 range before considering long positions. If $70,000 doesn't hold, you could try a small short position, targeting $69,500-$69,000.
Overall, this wave should be a normal correction and washout after favorable policy, as the market is waiting for the policy details from the White House crypto summit on March 7 to see if it can provide some catalysts.