$BTC BTC price broke below the previous low earlier and quickly recovered, further rising to form a bullish solid candlestick, which will further increase bullish strength.

It is currently the beginning of a new monthly cycle. If a strong bullish daily candle forms, there will be a small rebound in the short term.

Since June 25, the market has been continuously probing lower lows. This time, it formed a standard stabilization pattern of "breaking below the previous low + quickly recovering," which is a core technical signal for a short-term rebound.

Short-term logic: After the short-side liquidity is cleared below, the price has the momentum to test the previous highs.
Funding rate constraint: The current funding rate remains relatively high, with many people going long. Under such funding structure, it is difficult to see a large-scale sustained uptrend.
The key resistance zone above is 60800-61300. The market has tested this zone multiple times without breaking through. The morning surge was only a false breakout with a wick, and selling pressure above is heavy.
Only if the price effectively breaks through the 60800-61400 resistance zone, and after a retracement, holds above this level, can it be considered a bullish reversal signal. Once this condition is met, the bullish target is around 67000.
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