6.26 Gold

Overnight, bearish sentiment at the macro level continued to weigh on the market. Since early yesterday, Bitcoin has been rolling out a large-volume short-selling wave, with a one-way drop of nearly 5000 points. The price hit a low of 58030, marking a new phase low. The downward trend dominated by the bears has been fully confirmed. At this stage, blindly catching the dip will only confront a steady stream of sell-offs, with extremely low operational cost-effectiveness—completely inadvisable.

Switching to a one-hour cycle to break down the market action, the market maintained a stepped-down decline throughout. In the short term, all moving averages continued to stack up and suppress the price. The MACD green bars kept lengthening and expanding in volume, while the trading volume showed the typical bearish pattern of falling volume on rebounds—an increase on declines and a decrease on rebounds. Each round of small recovery is merely a technical correction within the downtrend, and the chart has shown no signals of a bottoming reversal.

For today’s intraday rebound, the key resistance range is defined as 60800 to 61200. This zone was previously a support platform where funds were concentrated; after a breakdown, it directly turned into a strong resistance area—also the main area to look for short entries today. If the rebound lifts price into this range but upward momentum weakens and the price struggles under pressure, you can follow the trend to set up short positions. The first short-term target is 58500. If the low support is broken again, the downside room will be directly seen toward 56000.

“Biscuit”: around 60500-601200, target around 58500-56000.