The strong rise in Bitcoin ($BTC ) prices has broken through previous highs, approaching the level of $69,550. This price level is very close to a key resistance level on the weekly chart. If Bitcoin can rise another 500 points, it will be close to the high on the weekly chart. It is worth noting that Bitcoin faces considerable selling pressure above the price level of $69,000, as this price range has troubled market participants for nearly three months. Therefore, once this price level is reached, many investors may choose to sell to cut losses. In this case, the probability of Bitcoin touching $70,000 is quite high.

However, in the face of such price levels, it is not recommended for investors to blindly chase the increase. Although Bitcoin's price is gradually rising and breaking new highs, the closer it gets to $70,000, the greater the risk. In this market, if investors ignore risk management and impulsively enter the market just because they see prices rising, many may have already experienced the consequences of such actions.

Therefore, all investors are reminded not to rush to chase prices just because of the market's rise at the current price level. If you really want to chase, you should wait for a price correction and confirm that it cannot break below the support level before considering entry; at that point, you can take a gamble on a price rebound. But if the rebound cannot be sustained, you should exit the market in a timely manner. At the current price level, investors should adopt a swing trading strategy rather than holding long-term. Once the market breaks down, immediate stop-loss should be implemented. This cautious approach helps protect the investment principal and avoid unnecessary losses in market fluctuations.