June 13, Saturday BTC Midday Thoughts

As of the Asian session, BTC is consolidating with low volume between $63,570 and $63,780, closing slightly higher over 24 hours, with very minimal overall volatility. This is a weak correction after a previous sharp decline, and the weekly chart shows only a slight rebound, not reversing the downtrend.
On the capital side, US spot ETF redemptions continue at large volumes, coupled with the Fed's rate cut expectations falling short and US bond yields rising. Institutions are continuously reducing their positions, which is the core bearish factor suppressing the market. The reduction of holdings by leading assets also intensifies market panic.
From a technical perspective, after the price retraced, the high-level trapped positions are concentrated, with obvious resistance levels above. The short-term moving averages are forming resistance, and the rebound strength is weak. Fortunately, after continuous declines, leveraged contract liquidations have been fully cleared, miners' selling willingness has dropped to historic lows, and support below is gradually stabilizing.
Trading suggestion: Watch for a rebound at 640-645, with $BTC a target of 625.