On Friday, bulls have returned to the fray—can the short still be played?

After the noon, BTC surged back above 64,000. From last week’s low of 57,700, it has already gained about 10%. This rebound is simply a normal mid-bear-market correction, not a trend reversal. The only thing that needs close attention is whether the rebound can continue. If it can’t hold above 64,000, it’s a trap for chasing longs, and you can still short high.

At the moment, the 64,800-65,000 area is under heavy resistance. Above that, there is strong pressure at 67,200. Unless there’s a major catalyst from the news/market headlines, bulls still have difficulty breaking through the key resistance. Right now, it’s basically price wicking back and forth to shake out high-leverage contract positions. I don’t expect a very large one-way upside move this month; the mid-term sideways view remains unchanged.

Bitcoin upside resistance: 64,800-65,000. Downside support: 61,600-61,800. There’s no reason to chase a long near the resistance zone. Shorting at this level might get you temporarily stuck, but it won’t lead to liquidations. Going long directly is how you end up getting hung out at the top—so don’t chase; continue with shorting the rebounds.