6.25 Early Morning Bitcoin Market Analysis

Short-term bearish momentum has been fully released, more thoroughly than the drop from 65500. In fact, during Wednesday's daytime session, the risk of a decline was accumulating as seen from the sideways movement near the previous low. The bulls made several attempts to break through the resistance at 63200 but failed, and they didn't even manage to stabilize near 63000. As I mentioned during the day, once the bears release volume again, the support below will be hard to hold.

Currently, the short-term rebound and repair do not mean the downtrend is over. In the 1-hour level of Bitcoin, the bearish momentum has not been fully exhausted, and there are no clear signs of a bottom yet. The short-term market is still in a bearish trend. However, at this stage, it is not advisable to go short, because although the previous low was broken, it hasn't fallen below 59000, indicating that there is still some support at that level. Without a volume-driven breakdown, blindly chasing shorts is not wise. A safer approach is to wait for a weak rebound with continued pressure before taking short positions, and first see if 60000 can be reclaimed. Additionally, for those trapped in long positions, it is recommended to gradually reduce positions and cut losses, focusing on unwinding. #欧洲议会为数字欧元开绿灯 $BTC