⭐ Bitcoin Market Update Today

Bitcoin sharply declined to around 638M under the impact of hawkish signals from the FOMC, with a short-term bearish structure. Currently, the price is consolidating around 64,500, but the rebound strength is weak, and market sentiment remains extremely fearful. On the daily chart, the price has broken below the MA20 (65,190) and continues to face pressure. A bearish engulfing pattern has formed on the daily, accompanied by increased volume. From 65,746 down to 64,530, the high points are gradually decreasing, indicating a clear dominance of the bears.
The 4-hour chart is supported at the lower boundary of the channel in the short term, but resistance above is obvious. 66,200 is the current key resistance level. If broken, it could attempt to reach 68,200; failure to break through would lead to further decline. If the price continues to fall below the channel, it can be viewed as a flag pattern with a target of 52,000-48,000.

Upper resistance: 64,800-65,200, break above to see 66,200
Lower support: 64,200-63,800
Today’s outlook: Bearish. The current price is in a daily bearish structure with weak four-hour consolidation. The rebound strength is weak and lacks volume. Trading should focus on shorting on rebounds. Note that if unexpected positive news (such as CME litigation progress or large institutional buy-ins) causes volume to break through 65,500, the bearish logic will be invalidated, and a wait-and-see approach is recommended. $BTC