6.12 Afternoon Bitcoin Market Analysis

The early price remained range-bound between 63,000 and 64,000. After noon, the upward breakout was weak, and the momentum of the rally diminished, causing the price to break below the 63,000 support. However, it is still trading near 63,000, and the previously mentioned support zone of 62,000-62,500 is still intact, so the rebound trend remains safe. If the support around 1,650 breaks, then attention should turn to the 1,640-1,620 support zone. The market won't move in a straight line forever; oscillation is a process of testing traders' resolve—those who are impatient will exit, while the steadfast will stay.

The four-hour timeframe shows that the bullish momentum in the Bitcoin chart has not yet fully released. Although the KDJ indicator has formed a death cross at high levels, it does not necessarily mean the bullish momentum will weaken later. After some recovery space, there is still a possibility of volume expansion and a breakout. Currently, on the one-hour chart, the bullish momentum is in the process of releasing, but the strength is weaker, and the KDJ is sluggish at low levels, which does not indicate a trend reversal. If the price continues to retrace, watch for support levels to stabilize—62600-62800 can be considered as light support zones. For the short-term, the support around 1635 is sufficient for $BTC a light position.