$BTC In the early morning, the price fell from the 63400 level under pressure to around 62700, experiencing a decline of approximately 700 points during the session. However, from the overall structure, this downward move did not break the daily-level uptrend; it is more likely a technical correction against the previous rally rather than a trend reversal.

The 62700 level exactly corresponds to the overlapping area of the 4-hour MA60 moving average and the 0.382 Fibonacci retracement level of the upward wave, forming a multi-technical support resonance. After touching this level, the price has shown signs of stabilizing, and the decline was accompanied by gradually shrinking volume, which is a typical low-volume pullback without triggering panic selling.

The daily-level moving average system remains in a bullish alignment, and the MACD fast and slow lines are still running above the zero axis. The medium-term trend direction has not reversed. As long as the 62000-62500 area holds, the overall structure remains a continuation pattern. After the current retest of support is confirmed, the price has the foundation to regain upward momentum.

The primary upside target remains the 64000 level, which is both the previous high resistance and the daily Bollinger Band upper rail pressure level. Once it is effectively broken above, it will further open up space towards the 65000-66000 area. A pullback that does not break support is a good opportunity for bulls to enter in batches.