⭐ BTC Today's Market Update

Last night, Bitcoin experienced a strong rebound amid geopolitical turmoil. Affected by news related to Iran, market risk aversion and short-term short covering occurred simultaneously, with BTC price quickly bouncing from around 61,000 to approximately 64,200, indicating a short-term recovery in bullish sentiment. However, from today's market view, this rebound cannot yet be defined as a reversal.
On the daily chart, BTC remains in a bearish structure overall, with the current price still oscillating within the 59,000-64,200 range, without a true breakthrough of key resistance. In other words, although there has been a rebound in the short term, the larger cycle trend has not changed.
However, a bottom formation appears on the daily chart, which is a bullish signal, but the volume structure shows that the rebound is still relatively weak.
The 4-hour cycle shows slightly stronger performance. The MA20 around 61,737 provides short-term support. After rebounding from the low of 59,000, several consecutive candles have consolidated in the 62,000-64,000 range, indicating that bulls are attempting to take control.
But the area above 64,000-64,800 is a previous dense trading zone and a key resistance level currently. Only with increased volume and a firm hold above 64,800 can the rebound space be further expanded.
Upper resistance: 64,000-64,800 zone, with a continued look toward 65,000-66,000 if stabilized.
Support below: 62,000-61,700.
Today’s outlook: The current market sees very intense battles between bulls and bears. On one side, ETF fund outflows continue, putting pressure on the upside; on the other side, whales are accumulating coins at low levels, indicating that there is support around 59,000-60,000.
In the short term, the most probable scenario remains a sideways correction, leaning bullish. This correction is not a trend reversal; consider shorting at high positions during rallies.