7.7 BTC Evening Analysis

The hourly K-line, after surging to touch the band peak of 64678, saw a rapid decline in bullish momentum, forming a continuous bearish pullback structure. It retraced to 62760 to complete a concentrated release of bearish momentum. The current price is building a sideways consolidation pattern around 63283. The upper Bollinger Band has turned downward, transforming from a previous support that boosted the uptrend into a strong resistance level. The middle Bollinger Band has absorbed the selling pressure and pullback, becoming the key demarcation line for the current long-short battle. The market is in a post-decline interim recovery phase.

The KDJ indicator has formed a low-level golden cross in the oversold zone, indicating that short-term bearish selling pressure has been cleared, and a technical rebound recovery is about to begin. However, the indicator is generally operating below the 50 neutral axis, and the medium-term downtrend has not reversed. This rebound is merely a retracement correction within the declining wave. The first resistance above is at the 63600 chip dense zone, with the ultimate resistance locked at the previous high of 64600. The downside defensive threshold is the bottom pivot of 62760. The market is expected to first rely on the golden cross pulse for a rebound, then after facing resistance, continue the main downtrend structure. Do not chase long positions; when the price rebounds to the resistance zone, prioritize establishing short positions in line with the trend.

Rebound to 64000-64600 short, target 62000-62600.

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