7.1🫓Morning Thoughts

Overnight, BTC continued to decline under pressure, with the price oscillating downward from around 59,698, hitting a low of 58,160. After a concentrated bearish release, selling pressure has somewhat weakened. On the 15-minute chart, after multiple attempts to dip, capital absorption appeared at the lows, and the low points are no longer being refreshed persistently, indicating a clear slowdown in short-term downward momentum.

With bargain-hunting capital entering at the lows, the market has shifted from a unilateral decline to a low-level consolidation bottoming phase, leaving limited room for further large declines in the short term.

Technically, the 15-minute candlestick chart shows a bottom-finding and recovery oscillation pattern, with consecutive small bullish and bearish candles after the sharp decline. The 58,160 level serves as a strong short-term support for the day. On the 4-hour chart, the price is running close to the lower Bollinger Band, indicating a need for technical oversold recovery.

Key Levels:
Strong support below: 58,100–58,160
Short-term resistance above: 59,000; 60,193

The short-term market is mainly characterized by low-level consolidation and recovery. Prioritize a rebound play based on the support below.
Trading suggestion: Enter long positions in the range of 58,100–58,400
Target: 59,000; 60,000