6.24 Morning Bitcoin Market Analysis

This morning, the Bitcoin price briefly found support around 62,000 and stabilized, then experienced a weak rebound correction, gradually rising to around 63,000. The shrinking volume and downward shadow candles gave traders a breather, indicating a short-term trend that may form a double bottom support. As a result, the "姨太" (mistress) side also followed suit, beginning to see small positive rebounds around 1650. Markets do not go up forever, nor do they keep falling; the cycle of rises and falls is an unchanging rule.

Currently, on the 4-hour chart of Bitcoin, after a volume-driven decline, the candlestick formed a doji star, indicating that traders are testing the 62,000-62,800 range. Although the bulls have a slight edge, they haven't been able to gather momentum. The current volume release is not significant, suggesting low market participation, and this level of volume is insufficient to generate a trend. At this stage, the MACD shows that the bullish momentum is gradually weakening, and the KDJ indicator is in a typical low-position dulling state, implying the market is oversold. However, oversold conditions do not mean an immediate rise; a strong bullish candle with increased volume is needed to activate a reversal. In the short term, resistance is around 63,200-63,500, while support is at 62,400-62,600. Further below are the previous lows at 62,000 and $BTC 61,870.