March 2, 2026, Pancake Day Intraday Analysis

Last week, Pancake experienced wide-range fluctuations overall, initially rallying to around 68,500, then pulling back for consolidation. The weekly line showed a slight increase, with significantly increased volatility.

Over the weekend into Monday, the US-Iran conflict suddenly escalated, and market risk aversion peaked. Pancake was first hit by panic selling, dropping to a low of $63,000, causing many high-leverage contracts to liquidate; then funds bought the dip, forming a V-shaped reversal. On the morning of March 2, it recovered to around $66,800, with a 24-hour volatility exceeding 8%.

There are two main points in the news: First, the Middle East conflict escalation triggered short-term panic selling, causing Pancake to initially fall as a risk asset, then being bought up due to its decentralized nature; second, US data remains strong, delaying the Fed's rate cut expectations, and the high-interest-rate environment continues to suppress risk assets, limiting rebound potential.

Short-term support is in the $63,000–$65,000 range; breaking below could lead to further declines. Resistance is in the $68,000–$70,000 range; only breaking above that would signal strength. Currently, it’s in a consolidation phase, not yet forming a clear trend, with high volatility and contract risks.

In terms of trading, avoid chasing highs or panic selling. Keep an eye on Middle East developments and Fed movements, control leverage. It is recommended to consider shorting near the rebound at around 67,200–68,000, with targets near the $66,000–$65,200 range.

This is only a personal suggestion for reference and does not constitute investment advice. Please follow the layout of Cheng Jingsheng and Shi Pan for specific strategies! $BTC ‌#XAU