7.8 Wednesday BTC morning thoughts

The U.S. stock market opened with a clear divergence: the Dow Jones edged up slightly, while the S&P 500 and Nasdaq both moved lower. The chip sector, which had led the market earlier, experienced a broad correction, with SanDisk, Western Digital, and Micron Technology all falling by more than 6%. Even SpaceX, which was formally included in the Nasdaq 100 Index today, exhibited a typical "buy the rumor, sell the fact" pattern, declining after the positive news was realized.
From a technical perspective, the short-term strong resistance remains locked in the 645-650 heavy congestion zone. Without the emotional boost from the tech sector, it will be difficult for the bulls to break through with volume in the short term. The short-term core support is at 630-633, with 625 acting as the key inflection point for this rebound. If this level is effectively broken, the short-term bullish rhythm will loosen, and the price will retest the 620 level for support. On the 4-hour chart, the MACD red bars are shrinking continuously, indicating a clear weakening of bullish momentum. The price is nearing the upper Bollinger Band, which itself suggests a need for a pullback to recharge. The weakness in the external U.S. stock market is exactly accelerating this adjustment.
During the day, the market is likely to remain in a wide range between 625 and 645, oscillating back and forth. The bulls lack the strength to push higher, and the bears currently do not have enough momentum to initiate a deep decline.
Operation suggestion: bearish view at 638-643, target 630, if broken, look at 620$BTC $GT $ETH