Friday, June 12th Morning Thoughts

Yesterday's bottoming out and stabilization, after touching a low of 614, quickly recovered and rebounded, with continuous upward movement in the evening, reaching a high of 639 before facing resistance and pulling back. This morning maintained a high-level oscillation pattern, current price at 634. The panic at lower levels has been fully released, with significant inflow of buy orders. Overall, the market sentiment has shifted from weak to stable, but the momentum for chasing highs at high levels is insufficient. After rising, it faced resistance and pulled back, and in the short term, it remains in a correction phase of oscillation after recovery.

The daily chart shows a stable long lower shadow, successfully holding the key low zone. Short-term momentum is exhausted, and a reversal structure is preliminarily forming; the 4-hour Bollinger Bands are narrowing, oscillating along the middle band and rising, moving averages gradually turning upward, indicators showing a golden cross at low levels with divergence, and recovery momentum continuing. Support below is solid, while the upper Bollinger Band at 640 provides clear resistance. The short-term momentum favors a slight upward trend, but the upper resistance has not been fully broken through, remaining in an oscillating and slightly strong recovery rhythm.

In summary, watch 626-630 for a slight upward move, with support at 622; watch 640-645 for a correction, with $BTC resistance at 650.