7.10 BTC: BTC rebound meets resistance; bearish outlook unchanged

$BTC
Entry: short near 638-642, stop loss 647, look at 630-620

On the daily timeframe, price is still trading below the 50-day and 200-day moving averages. The medium-term descending channel has not undergone a fundamental reversal. This rebound from 57,700 is a technical pullback after a sharp drop. The cumulative rebound has already exceeded 10%. Technically, there is a natural need for a retracement. Without fundamental support, it is hard to directly change course for a reversal.

In recent sessions, the candlestick bodies have continued to narrow. The prior slope has gradually leveled off, and volume on the 4-hour timeframe has been shrinking alongside the rebound, indicating that buying pressure is running out. This is a typical signal of “stagnation at the end of a rebound.” Once bulls are unable to quickly break through the resistance level, profit-taking positions and trapped positions will be cashed out in a concentrated manner, directly dragging the price lower#特朗普宣布美伊停火结束