After the early-morning pulse-driven spike, Panmian entered a digestion phase. When the big cake broke through 65,000 in the early morning, the trading volume did not increase significantly, indicating that there was no new incremental capital continuously pushing the price higher, but rather a false breakout caused by shorts closing positions and short-term long buyers rushing ahead. On the four-hour timeframe, the relative price is still in a weak recovery phase within a downtrend. The 65,000-65,500 area above is a prior dense trading zone and also a strong resistance level. After the price touched it, it was quickly pushed back, indicating extremely heavy sell pressure overhead. Therefore, in the afternoon, the operating mindset still focuses on rebounds—first, look for a follow-through move in the 65,800-66,300 range. #比特币反弹 $BTC ‌