6.30 Muyun Bitcoin Evening Commentary

During the US session, Bitcoin and the second coin are both consolidating with a narrow range, pausing as the rebound momentum from the bulls is severely lacking. Currently, Bitcoin is hovering around the 59,200 level, while the second coin is under pressure around the 1,560 area. The near-term bearish “follow the trend” approach continues to be carried out, and short-side profits are being continuously realized. In the evening, the price fails to push higher, and trading still mainly focuses on selling rallies from higher levels.

On the daily timeframe, both coins are weakening and moving downward in sync. Each time there is a modest rebound, the bears suppress it back down. The downtrend has very strong continuation, and the bulls have no ability to mount a counterattack. The broader timeframe bearish structure is clear. On the 4-hour timeframe, the market keeps refreshing lower highs and lower lows, with moving averages suppressing the entire price action. At present, there is no bottoming or reversal signal. After the US session, the core idea is to follow the trend and short.

Bitcoin: Sell shorts positioned around 59,500–60,000, target 58,300–57,000
Second coin: Sell shorts positioned around 1,600–1,640, target around 1,500–1,380