In the afternoon, Bitcoin found effective support at the 70,000 level, with bears unable to break further below. Bulls capitalized on the momentum, pushing the price strongly above 71,400, currently stabilizing around the 71,200 level. This V-shaped reversal indicates sufficient buying support below, with the 70,000 level establishing itself as a phase bottom.

From the hourly timeframe perspective, after touching the 70,100 low point, the price has consecutively closed solid bullish candles, rapidly breaking through multiple short-term moving average resistance levels. It currently stands above the MA60, with the moving average system showing signs of headband golden cross formation. The MACD indicator's fast and slow lines have formed a golden cross below the zero axis, with the bullish momentum histogram significantly expanding, indicating accelerating momentum release from the bulls. The 71,400 area nearby represents a previous swing high; once effectively broken, upside space will further open up.

The current chart structure has completed a transition from bearish to bullish configuration, with the support effectiveness of the 70,000 level verified. Operationally, the 70,000-70,300 zone can be used as a support band, with dip buying as the main strategy. Watch the breakthrough situation at the 71,400-71,500 level above; once stabilized there, further upside testing towards the 72,000 level is anticipated. Before the bullish structure is damaged, avoid shorting blindly.

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