Bitcoin has now also broken below the original support level of 65,400, releasing short-term bearish sentiment, and trading volume has also caught up. However, it immediately found support at the 64,700 level and did not continue to decline sharply. On the hourly chart, the previous large bullish candle was driven up by news sentiment, creating a vacuum zone. Bitcoin did not continue its inertial decline to the bottom of the bullish candle around 63,600. Therefore, this wave of decline may be targeting the liquidity of the bulls around 65,000. After liquidation, the short-term selling pressure has actually eased. From a technical perspective, the 64,700 level has shifted from a previous resistance to a strong current support, with relatively strong resilience here.

If it can regain above 65,400 later, this pullback would be a false breakdown, and the bulls will restart the rebound; if it cannot stay above 65,400, the market will likely remain in a range between 64,700 and 65,400 for a long time, oscillating back and forth.
As the market has just broken through, there's no need to rush to follow the trend. First, see if 64,700 can hold, and whether the rebound can bring it back above 65,400. For more aggressive traders who want to operate, it is recommended to cautiously #我的Gate交易时刻 test and position for a long position.