Bitcoin Early Morning Analysis on July 1

The price briefly surged upward, but it is actually a bear trap luring bulls. The rebound momentum in this round is severely insufficient, and there is no condition for sustained upward movement.
Multiple moving averages above form a dense resistance zone, completely locking the upside potential. The overall downtrend structure remains intact, and the market is still dominated by bears.

The current consolidation is merely a shakeout during the downtrend, not a bottoming out and stabilization. Market bulls are participating with low sentiment, and trapped longs at higher levels continue to sell off. This round of rebound is only a short-term technical repair, unable to reverse the overall downtrend.

Combining capital flows, market sentiment, and technical patterns, the bearish pattern is clear. Operations should adhere to the trend-following strategy and avoid blindly chasing longs.

Trading plan: Short in batches on rebound to 58900-59700
First target 56700; after effective breakdown of the candlestick body, the extension target below is 54000.