7.9 BTC Morning Market Analysis

After prices surged to around the 64,200 level early in the morning, bullish momentum quickly faded. Yesterday, the market printed a one-way, drifting bearish trend all day long, and in the evening the low probed down to 61,500. The downside room for the current bearish move has basically been completed, and short-term bearish momentum has been fully used up.

Since the continuous selloff started from 64,200, the decline carried on into the close before gradually slowing down. The market has entered a low-level consolidation range. At the bottom of the K-line, a stabilization and turning-up signal has appeared. Buyers stepped in at the low level in the morning, driving a modest pull-up, and the current price is consolidating around 62,000. This rebound is only a technical repair after the big drop and cannot reverse the overall downtrend. Every rebound will face pressure and then pull back, while multiple overhead resistance bands firmly cap the upside.

Bet: 62,500-63,000 range hollow…
Target 61,800; if broken, then look at 61,290—set your defense. $BTC $GT $ETH