June 21 Afternoon Analysis

Currently, macro liquidity in the market continues to contract, risk appetite has significantly weakened, and the asset valuation center has room for downward correction. On the supply and demand side, supply continues to increase, but the recovery of terminal demand is weaker than previous expectations. The bullish fundamentals are invalidated, and the medium- to long-term pricing focus shifts downward, maintaining an overall bearish outlook.

After the price completes a head formation on the technical chart, it breaks below key support with increased volume. All cycle moving averages form a standard bearish alignment, and short-term moving averages continue to suppress the rebound space. The MACD double lines remain bearish with a death cross, diverging downward, while volume shrinks simultaneously. The rebound is a weak correction with no signs of stabilization or stopping the decline. Main funds continue to flow out net, with short positions increasing in holdings, while longs actively reduce positions and exit, further unbalancing the long and short forces.

The short-term slight rebound is only a technical oversold correction, with no basis for a reversal. Multiple resistance levels are densely packed above, limiting the rebound space. In terms of operation, consider deploying short positions gradually within the resistance zone. If key support is broken below, a new downward channel will open. The trend remains bearish, so maintain a primarily bearish stance, strictly set risk controls and stop-losses to avoid short-term volatility.

Operational suggestion: 64,800-65,300, target 62,800-63,300. $BTC $GT