7.6 Monday BTC afternoon thoughts

The early Nonfarm Payrolls-driven rate cut expectations have been fully priced in. In the afternoon session, the U.S. dollar and U.S. Treasury yields rebounded slightly, risk appetite cooled synchronously, and BTC's upward momentum noticeably weakened. After testing the 63900-64000 USD resistance zone in the morning, it retreated and entered a high-level range-bound consolidation and exchange.

The technical chart shows a clear key range at noon. The 63800-64200 USD area is a strong resistance zone, with a large accumulation of previous trapped long positions. Multiple attempts to break higher at noon failed to hold with volume, as selling pressure continues to be released. The first short-term support is at 62800-63000 USD. The 62000 USD level is the key dividing line for this rebound's strength. Once it is effectively broken, the multi-day recovery rally will be declared over, and the next support level below will be at 61500.

In the afternoon, the market is overall oscillating in a wide range of 62800-64000 USD. Any upward push triggers concentrated profit-taking by short-term traders. The volume of the market continues to shrink, and there is a severe lack of momentum for a unilateral rally.

Trading suggestion: Short at 635-640, target 620, if broken then see 610, if not broken, reverse to long. $BTC $ETH $SOL