7.9 Early Morning Bitcoin Market Analysis

Last night, the price fluctuation range was not large. After the U.S. stock market opened, it fell to 61520 and briefly stopped declining, but the subsequent rebound failed to achieve a substantial break above 62500. ETH's fluctuation was relatively larger, rebounding about 40 points after stopping at 1712. Many people mistakenly think that an empty position means missing the market, but when the market trend is chaotic and the direction is unclear, choosing to wait and watch is the safest way to protect oneself. Avoiding unknown downside risks is itself an invisible profit.

Now on the 4-hour BTC chart, the price has broken below the previous support platform of 62500-62800, indicating that short-term bearish forces are still being released, and the bulls have yet to organize an effective counterattack. In terms of volume, it is a moderate increase in volume with a price decline; selling pressure is not fierce, but buying is clearly absent. Recent lows have been gradually moving down from 63800 to 62500 to 61500, with the center of gravity continuously lowering. It is now approaching the upward trendline since 57758, and below that, 57758-58300 is the starting point of the previous rebound and also the medium-term bull-bear dividing line. Moreover, the rupture of U.S.-Iran relations has caused a surge in international oil prices, which has become an uncertain factor. In the short term, no good [opportunities] have been #美终止对伊朗石油制裁豁免 seen yet.