July 1st 🫓 Morning Market Commentary:

The price briefly surged upward, but it was actually a bull trap setup by bears. This rebound lacks strength and has no sustained upward momentum. Multiple moving averages above form a dense resistance zone, tightly limiting upside potential. The overall downtrend structure remains intact, and the market is still under bearish control.

The current phase is a consolidation period within the downtrend, not a price bottom. Bullish participation is weak, and trapped positions left over from higher levels continue to create selling pressure. This rebound is merely a technical retracement correction and cannot reverse the original downtrend.

Combining capital flows, market sentiment, and technical patterns, the bearish framework is very clear. Simply trade in line with the existing trend and avoid blindly chasing highs.

Trading Setup: Enter short in the 58900-59700 range, first target 56700; if effectively broken, continue targeting 54000. #btc