Bitcoin Afternoon Analysis:

The current price is hovering weakly near 70762, having broken through short-term moving average support. The 71000-71100 range above forms a strong resistance zone with weak rebound unable to break through. Short-cycle moving averages have turned downward, while medium and long-term moving averages remain at high levels providing pressure. The moving average formation is gradually transitioning to bearish alignment with a downward trend bias. The 70488-70500 level below serves as recent key support; if effectively broken, it will open further downside space with target looking toward the 70000 round figure. Rebound volume remains insufficient with weakening bullish momentum. Market sentiment leans toward cautious bearishness. Recommended to arrange short positions on rallies.

Operation Suggestion: Short 71400-71900, Target 69400-70000.

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