April 20 Morning Analysis

The US-Iran relations continue to deteriorate, the risk of Strait of Hormuz blockade increases, and regional conflicts intensify; Federal Reserve Chair Powell's hawkish stance raises expectations of rate hikes, the US dollar index rebounds strongly, global liquidity tightens, and risk assets collectively come under pressure.

Bitcoin price drops below the key support level of 75,000 intraday, a bearish arrangement on the daily chart, MACD shows a death cross downward, bearish momentum expands; 4-hour rebound is weak, remaining under moving averages, a downward channel opens, and a weak trend is clear.

Geopolitical risks boost safe-haven buying into the dollar, combined with macro tightening expectations, leading to significant outflows from the crypto market, with long positions being forced to exit, exacerbating the decline. The short-term trend is clearly weakening, and trading should maintain a high short bias, avoiding blind bottom-fishing.
Trading suggestion: 74,500-75,000 range, target 72,500-73,000