7.2 Afternoon Bitcoin Market Analysis

After the price pressure at 61000 hit a stall at 61322, the trend gradually slowed as it made a small pullback near 59500. Then, with that level acting as support, the price began to turn bullish and rebounded, probing for pressure against the 61000 area again. However, at that time the amount of momentum released was insufficient, so it was not enough to support an effective breakdown. The 1600 milestone for "ETH" formed a short-term support zone, while 1650 above is still exerting downward pressure. Blindly chasing the crowd into a trade, in essence, is handing your position over to strangers.

Now, above 61000 on the big chart—also including the 61500 area—there remains clear sell pressure. In the short term, there is not enough willingness to chase highs, and "ETH" needs a pullback to build up energy before attempting a further push upward. The key is the depth of the pullback. The first support below is in the 60000–59800 range; if it can hold steady, then the rebound structure remains intact, and there is a chance to push up toward 61000 again. The earlier trend of bottoming and rebounding is still in place, but 61000 is the first hurdle that needs to be crossed. From an execution perspective, you can wait until a stop-finding signal appears near 60000 after the pullback, and then consider getting "ETH". "ETH"’s current rebound trend is still ongoing as well; the next step is to confirm the 1600 support and break through the 1650 resistance level with increased volume. $BTC ‌#Gate股票转仓功能上线 $ETH