Latest Bitcoin Market Analysis for Thursday Evening, July 7

BTC has effectively broken above the 62,500 level in the current session, but faces notable isolated resistance at 63,300, forming a long upper wick. This indicates heavy selling pressure at this level. To open upward space, a breakout above this high with volume is required, which would then allow a move toward 64,000 or even the previous high of 64,691. On the hourly chart, the price is under short-term pressure and consolidating. If the hourly candle fails to break the 63,300 resistance, it will likely pull back to retest support at 62,500. Holding that support will keep the range-bound consolidation, while a break below it will lead to a further decline toward 61,200. The 61,200 level is a key lifeline for bulls; losing it would open a new round of downward space.

On the 4-hour chart, the previous support at 61,500 held effectively, forming a bullish engulfing pattern that triggered the current rebound. This is a second retest of support after the initial bounce, with the first retest high being 64,691. If the current rebound fails to break above the previous high of 64,691, it would indicate a weakening structure with progressively lower rebound highs, and a subsequent retest of support at 61,500 would likely break it directly. Only a firm break above the upper edge of the range (the previous high) can turn this rebound into a trend reversal; otherwise, the bias remains bearish with elevated downside risk.

In terms of trading, chasing longs at current levels offers a poor risk-reward ratio. It is better to maintain the intraday strategy of selling on rallies, with proper stops and position control.

BTC: Sell on rallies to the 63,300-64,000 resistance zone, targets 62,500 → 61,200
ETH: Sell on rallies to the 1,780-1,808 resistance zone, targets 1,700 → 1,660
#GUSD年化升至3.8% $BTC ‌$ETH ‌