7.1 Wednesday Midday Market Analysis

The price directly dropped to the support level of 57,700. Many previously thought it would bounce back in the short term after falling here, but the actual recovery was extremely weak, falling far short of expectations.
After a brief stabilization, the price oscillated sideways at low levels, with the upward momentum getting weaker. It's clear from the chart that after several attempts to break through the 58,000 mark, the highs were successively lower. The bulls couldn't hold it at all, with very few buying orders below. The short-term trend remains bearish, with bears in control. The rebound is based on relatively large volume, 1-hour bullish candle follow-through, and long lower wicks. ETF selling volume is declining, and there's no crash. Bitcoin's monthly chart looks very bearish, possibly forming a candlestick with a particularly long upper wick. Therefore, a continuation of the decline after a rebound is likely.
BTC Operation Suggestion: Short at 59,300–60,000, take profit at 58,800–57,800, stop loss at 60,500
ETH Operation Suggestion: Short at 1,600–1,630, take profit at 1,570–1,540, stop loss at 1,650
A long position can be entered at the lower take-profit level.