6.10 Morning Thoughts

Yesterday, Bitcoin also saw a big drop. After Bitcoin touched around 63,500 on the white line, it showed signs of exhaustion; afterward, around the early morning hours, it dipped to about 60,800.

Currently, Bitcoin is positioned around 61,900–62,000. From the hourly chart, 62,500 above is the pressure point. If it cannot break through, we can consider going short to look for a downside low around 59,000. Then, 60,800 below is the short-term support level. Overall, the weak market structure has not changed materially. For trading, it is recommended to set up a high-side layout.

For the morning strategy, focus on shorting at the highs. Don’t blindly chase longs. It is suggested to enter on a rebound around 62,300–62,000, targeting 60,800–59,000 on the downside. If it breaks down, then it may dip to around 57,000–57,800.