7.1 Wednesday evening latest market analysis

From a technical perspective, 59000 previously served as a key support level that held the market multiple times. Now that support has turned into resistance, making a breakthrough equally difficult. The bullish recovery is weak, and each rebound is accompanied by bearish selling pressure. It is unlikely to stabilize above this level in the short term. During the day, multiple attempts to challenge the 59000 mark only resulted in a brief false breakout to 59444 before quickly falling back. The current price of 58700 is once again under pressure, dropping back below 59000. Bitcoin can only sustain its rebound if it firmly holds above 59000, allowing room for further upside toward the 60000-60700 resistance zone.
If it continues to face resistance below 59000, the market is likely to remain in a wide range-bound grind between 58000 and 59400. If the pattern of sideways movement continues, this consolidation could take just as long. Once the 58000 support is lost, a new low around 57758 is highly probable.
In the short term, the market is expected to oscillate within a range for some time. Avoid heavy positions within this range. At the same time, be mindful of the impact of tonight's news. Maintain a bearish stance and trade with the trend until a clear breakout signal emerges, and ensure stop-losses are set.

BTC: Short near 59000-59500, target 58030 → 57300
ETH: Short near 1585-1610, target 1545 → 1510
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