$BTC In the early hours, Bitcoin surged from 62,300 to around 63,400, appearing strong, but volume confirmation is extremely low—this is a typical no-volume “pump-and-dump” fake rally. Such price action often isn’t a trend reversal; instead, it’s a rebound spike within a bearish trend, intended to flush out short-term bearish positioning and build momentum for the subsequent downswing.

The 63,400 zone is precisely a resistance band where the 4-hour EMA suppression and the lower boundary of the prior area of concentrated positioning resonate. After the price touched this level, it quickly pulled back by nearly half of the gains, confirming that the selling pressure at this spot is effective. At present, price is repeatedly tangled around the 63,000 psychological level. This support has been tested multiple times; its effectiveness at the margin is diminishing, and the risk of a breakdown is accumulating.

Once the 63,000 neckline is effectively lost, downside space will open up, with the first target being the prior low area of 62,600-62,300. The intraday approach is mainly to sell into rebounds. A pullback that meets resistance around 63,200-63,300 can be seen as an ideal entry opportunity, but note that the main players will repeatedly shake the market around key levels, so you must strictly defend your risk.