Bitcoin has effectively held above the 62,500 level, but there is a clear isolated high resistance at 63,300, forming a long upper wick. This indicates heavy selling pressure at this level. To open further upside, a breakout above this high must occur with strong volume, enabling a move toward 64,000 or even the previous high of 64,691. On the hourly chart, short-term pressure leads to consolidation. If the short-term candlestick fails to break through the 63,300 resistance, a pullback to retest the 62,500 support is likely. Holding this support maintains range-bound consolidation; a breakdown will lead to a further drop to 61,200. 61,200 is a key lifeline for bulls. Losing it would open a new round of downside space.

On the 4-hour timeframe, the prior 61,500 support has proven effective, with a bullish engulfing pattern initiating this rebound. This is a bounce after a second retest of support. The first retest produced a rebound high of 64,691. If this rebound fails to break above the previous high of 64,691, it indicates a weakening structure with progressively lower rebound highs. A subsequent retest of the 61,500 support would then likely break down directly. Only a valid breakout above the box ceiling (prior high) can transform the rebound into a trend up; otherwise, bearish risks remain elevated.

In terms of operations, chasing longs at current levels offers a poor risk-reward ratio. Maintain the intraday short-at-highs approach, set stop-losses, and control position size.

BTC: Short on rebound to 63,300-64,000 resistance zone, targets 62,500 → 61,200.
ETH: Short on rebound to 1,780-1,808 resistance zone, targets 1,700 → 1,660.
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