⭐ BTC Market Update Today we mentioned yesterday that the medium to long-term outlook remains bearish, but the short-term is bullish, and the rebound depends on volume support. Today’s validation is halfway: early morning, it indeed rebounded from around 62,500, reaching a high of 63,933, with BTC at 63,500, just below the rebound high point, pulling back. This position is very delicate.

The daily chart has closed two consecutive candles above 63,000, and the structure is still a oversold rebound within a downtrend, also within a range of oscillation in the daily structure. However, the lows are higher, and the highs are not higher, forming a converging triangle. The next focus is whether 74,200 can be broken and stabilized. If it breaks and holds, the bullish trend continues, with targets at 66,300-68,000. This area is also the Fibonacci level and the MA20 moving average zone. If it reaches here, a short position can be considered.
The 4-hour upward channel broke above the middle band last night with increased volume, indicating short-term strength. However, the last two candles show signs of stagnation, and the price is oscillating. The MA20 is around 62,455, serving as a short-term support/resistance level. If it holds the pullback, there is support; if it breaks, caution is needed as the rebound may end.
Resistance above: 63,800~64,200
Support below: 62,500~62,000
Today’s outlook: Slightly bullish but only for pullbacks, not chasing breakouts. The fear index is at 12, indicating extreme fear, and the funding rate is neutral, which favors bulls. However, it is also at a key resistance zone, combined with ETF daily trading volume plunging 78% and stablecoin market cap shrinking 2.2% over 30 days. Off-exchange liquidity is shrinking, making chasing high risky. Watch for short opportunities at resistance levels. #我的Gate交易时刻