6.26 Friday BTC Midday Thoughts

BTC continues to oscillate narrowly at a low level midday, currently trading in the range of $59,700-$60,100, with a 24-hour decline of nearly 2.9%. It hit an early morning low of $59,100, followed by a minor oversold rebound midday, but the rebound volume continues to shrink, and the recovery strength is weak. The safe-haven nature of the market is only relatively stronger compared to altcoins, but it has not yet escaped the downward channel.
On the capital side, bearish pressure was intensively released. The total 24-hour liquidation across the entire network reached $1.46B, with over 80% being long position liquidations, as leveraged bulls exited in batches.
From a technical perspective, the daily chart maintains a complete bearish structure, with all moving averages pressing down from above. The midday minor rebound is merely a technical oversold recovery. The 4-hour RSI briefly entered oversold territory, with no trend reversal signal.
Key levels: Short-term strong support at $59,000, which is the low for this month. A valid breakdown below this level could see a further decline to the $56,800-$57,500 range. The first resistance above is $60,700-$61,200. Only a solid break above $62,200 would create conditions for a staged bottoming and rebound.
Trading suggestion: Short at $60,100-$60,600, target $58,800, and if broken, then $57,500.
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