6.4 BTC Morning Analysis

BTC 1-hour cycle shows a downward driving wave structure, with this round's high at 74070 marking the start of a main three-wave decline. The sub-waves extend and continue to break lower, and the decline structure has not shown any wave pattern termination signals. From the distribution of chips, 67000-69000 is the dense trading chip peak for this round. After the price breaks below the chip peak, the dense support turns into a heavy trapped pressure zone, and each rebound near this zone faces selling pressure to unload positions. Support turns into resistance. The MACD remains bearish divergence below the zero line, with no signs of convergence in the green bars. RSI is at a low level but has not formed a bullish divergence, indicating that only short-term oversold conditions may trigger a small technical rebound, not a trend bottom.

This round of decline is the result of macroeconomic bearish news + chip fleeing + leveraged liquidations resonating together. The US Federal Reserve's rate cut expectations continue to be delayed, market risk appetite keeps weakening, incremental funds are absent, and the outflow of existing funds has not stopped. The short-term oversold rebound is only a window for short positions to reduce holdings; blindly bottom-fishing is strictly prohibited!

Trading suggestion: 64500-65000 range, target 62500-63000. $GT $BTC $SOL