#BTC Today's Market Update

Yesterday early morning, Bitcoin hit a low of 59102, then rebounded slightly, retested the bottom, with support at the previous low. It is now back to 60834. Today it closed with a small bearish candle with a lower shadow and increased volume, which is a typical long squeeze pattern. The bearish trend remains unchanged, and a rectangular box structure has emerged.
Previously mentioned that the previous low of 60755 cannot be broken; if broken, it would trigger a cascading drop. Yesterday it broke and fell sharply. Although it recovered this morning at the close, the consolidation remains weak.
After the 4-hour bottoming, a bullish engulfing signal appeared at the bottom, but the volume-price structure shows insufficient energy. It can only be considered a minor recovery after an oversold condition, not a reversal. The rebound is limited, and the 61100-62200 range is short-term strong resistance.
Upper resistance: 61500-62000
Lower support: 59000-59200; if broken, look towards around 57700.
Today's strategy: The structure is bearish but the price has fallen to a key support area. Chasing shorts has limited space and is easily stopped out by a rebound, while going long lacks structural support. The better strategy is to wait for a rebound range and then consider shorting at higher levels.
$BTC