Bitcoin market trend: how long it extends horizontally and how high it rises—perhaps it's time to consider!

Crypto market:
1. On April 16, according to monitoring, in the past 8 hours, BlackRock transferred out 3,446 Bitcoins from Coinb, with an average price of 74,056, valued at approximately $255.2 million.
2. On April 16, according to monitoring, Tether's Bitcoin reserve address transferred out 951 BTC from Bitf about 3 hours ago, with an average price of 74,100.
3. On April 16, according to monitoring, Matrixport-related entities have fully closed their last position of 25k ETH (20x leverage) long positions, holding for about 65 days and realizing a profit of $17.32 million.

Market:
1. On April 15, according to Axios, two U.S. officials stated that U.S.-Iran negotiators made progress during talks on Tuesday local time, moving toward a framework agreement to end the war. Market news suggests that the U.S. and Iran are considering extending the ceasefire by two weeks.
2. On April 16, sources expect that the ceasefire agreement with Iran will be extended.
3. On April 16, U.S. Central Command issued a statement on the 15th that within 48 hours of implementing a blockade on Iranian port ships, "no ships successfully passed through U.S. military defenses." Additionally, nine ships obeyed U.S. orders and turned back to Iranian ports or coastal areas.
4. On April 16, U.S. stocks closed with the Nasdaq up 1.59%, the S&P 500 up 0.8%—also reaching a new high, while the Dow fell 0.15%. Overall, macro market geopolitical tensions further eased. Against this backdrop, Bitcoin continues to show buying activity!

BTC Market:
Daily chart: The price continues to challenge the 76k level. Yesterday saw a mild pullback, which did not effectively change the overall trend. Currently, the price remains above 74k. This level has moved away from the W-shaped pattern, controlled by the candlestick bodies around 3.17. According to market rules, the length horizontally and the height vertically are proportional. What needs attention now is that once resistance is broken, a potential one-sided trend may follow. Overall, the strategy remains mainly long on dips; short positions should be approached with extra caution, minimizing exposure, and risk management should not be neglected!

Upside:
Initial resistance at the 76k level; further attention to the upper band of the weekly Bollinger Bands near 77,901.

Downside:
Initial support at the 10-day moving average around 72,318; further support at the 30-day moving average near 69,789.

Investing involves risks; enter the market cautiously.