6.12 Bitcoin Market Thoughts

Currently, Bitcoin's trend is basically just after a rally, taking a breather.
You see it rising from around 62,300 all the way up to a high of 63,900, then getting stuck in a small range between 63,200 and 63,900, bouncing back and forth. Trading volume has also noticeably decreased, indicating that the capital pushing the price up has temporarily paused. Neither bulls nor bears are willing to make a serious move right now; they’re just stalling.
The price is stuck at 63,400, in a no-man’s land. Honestly, both sides are quite awkward: upward resistance is close at 63,700-63,900, and chasing it directly could easily result in whipsaws; downward support at 63,300 and 63,000 isn’t far away, and a quick sell-off could hit those levels, leaving no safety cushion.
Trading strategy: It’s definitely not suitable to go short now. Since the rally just finished, it’s better to wait for another push, ideally reaching above 63,700, even touching the 63,900 high, then look for a quick pullback to try a small position.
Set your stop-loss above 64,000. If it breaks through that level, it indicates the bulls are back in full force—don’t go against the trend.
The initial target is to watch for a pullback to 63,300-63,200; if it breaks below that, then look further down.