$BTC Early morning price pulled back under pressure from the 63400 level to around 62700, with an intraday decline of about 700 points. However, from the overall structure, this decline did not break the daily-level uptrend, and it is more likely a technical correction for the previous rally rather than a trend reversal. The 62700 level coincides exactly with the overlap zone of the 4-hour MA60 moving average and the 0.382 Fibonacci retracement of the upward wave, which is a multiple technical resonance support. After touching this level, the price has shown signs of stabilization, and the decline was accompanied by gradually shrinking volume, typical of a low-volume pullback without triggering panic selling.

The daily-level moving average system maintains a bullish alignment, and the MACD fast and slow lines are still operating 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 bullish continuation pattern. With the current retest and confirmation of support, the price has the foundation to regain upward momentum.

The primary upside target remains the 64000 level, which is both a previous high resistance and the daily Bollinger upper band pressure level. Once effectively broken above, it will further open up room to the 65000-66000 area. If the retest does not break support, it will be a good opportunity for bullish entries in batches.