【Bitcoin Ascending Flag Formation Complete, Rebound Target Pointing at 79660？】

Big Bitcoin has been subject to frequent whipsaw movements in smaller cycles under the influence of Middle East tensions, so we need to raise our cycle perspective somewhat to observe the market.

From the perspective of the adjusted 2-day chart, Bitcoin's triangle has broken through the upper boundary and completed the pullback confirmation, with the upper support effective and the structure for continued upside still very clear. Currently, the price is near the 73000 important resistance zone undergoing pressure pullback movements.

With heavy pressure above, any rebound will naturally involve back-and-forth oscillations, so short-term trading difficulty is considerable.

With the market at this stage, we estimate the pullback will be relatively gentle. After all, the war news didn't directly hammer Bitcoin down, and short-term resilience performance has been decent. Below, we should focus first on support around the 68000—69000 range.

Regarding pressure above, Bitcoin has currently formed an ascending flag structure. The position at the upper edge of the flag is the resistance level, approximately around 74900, which also overlaps with the 73000—74000 resistance zone, making the pressure here extremely significant.

Unless there's a breakout with volume expansion, it won't be easy to break through directly in the short term, so this can still serve as a reference for the first position reduction.

If the market can truly break through this resistance zone, then we can continue to reference the CME gap fill around 79660 as the upside target.

One final reminder:
Ascending flags often exist only to be broken down.

Rebounds are rebounds, but once the structure breaks down subsequently, Bitcoin's overall downtrend has not ended, and the true major-level low point may well not have yet appeared—everyone must keep this in mind.

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