During the early trading session, Bitcoin's price found support around $69,100 after breaking below the $70,000 level and rebounded slightly. The current quote is approximately $69,400. From a technical perspective, the $69,000 support level has been tested multiple times, demonstrating strong market resilience, with buying pressure gathering below. After dropping to $69,100 in the morning, the price quickly stopped falling and rebounded, indicating that there is significant bullish defense at this level. As long as the price does not effectively break below the $69,000 threshold, the short-term rebound structure will remain intact.

From an indicator standpoint, the hourly MACD green momentum bars did not significantly expand with the price decline, showing that the downward momentum is weakening. Meanwhile, leading indicators like RSI have turned upward after bottoming out, suggesting that oversold conditions have been corrected in the short term and that buying demand is accumulating. The daily moving average system in the $69,300-$69,500 range provides short-term dynamic support. The morning pullback can be viewed as a shakeout before a major rally, aimed at clearing out weak short-sellers.

Additionally, on-chain data shows that whale addresses continue to increase their holdings. The spot ETF has recently maintained a net capital inflow, providing a fundamental backing for the stability of the $69,000 level. In terms of trading strategy, as long as the $69,000 support holds, long positions entered in the morning have a relatively high safety margin. The short-term rebound target can initially be set around $70,000-$70,500. Once broken and stabilized, there is potential for further upward testing of the resistance zone at $71,500-$72,000.