July 8 - Qian Cheng's evening analysis of BTC and ETH

Reviewing the overall trend from midday to afternoon, BTC continued to decline under pressure as expected in the midday analysis. After consolidating briefly around the 62,500 level during the afternoon session, the bears intensified pressure, breaking through the key support at 62,500 and accelerating the downtrend to a low of 61,888, perfectly hitting the first target of 62,000 for the midday short order. The market then saw a slight rebound, and as of evening, prices are weakly consolidating around 62,100. ETH also moved lower, hitting a low near 1,716 before rebounding to trade around 1,739. Overall market sentiment is bearish.

From the 15-minute chart, BTC's candlesticks continue the stepped decline pattern of "lower highs and lower lows," with the bearish trend intact. The afternoon rebound momentum was weak, failing to effectively reclaim even the 62,500 level, indicating no resistance from the bulls. Currently, a temporary balance has formed in the 61,800-62,200 range, but the overall pattern remains a continuation of the downtrend.

The short-term resistance level has shifted down to the 62,400-62,700 area (previous support turned resistance). Only a sustained breakout above this zone with volume would alleviate downside risk. Stronger resistance lies near 63,200.

The intraday key support remains the 61,800-62,000 area. If it is effectively broken again this evening, prices will open further downside, heading straight for 60,500 or even the 60,000 round number.

BTC: If a rebound occurs into the 62,400-62,700 area this evening, continue to short, targeting 61,500-61,200.
ETH: Continue shorting on a rebound to the 1,750-1,770 range, targeting 1,715-1,700.